Bumi Examining Share Buyback Options as Deadline Expires Today
2009-02-16 03:43:04.405 GMT
By Arijit Ghosh and Leony Aurora
Feb. 16 (Bloomberg) -- PT Bumi Resources, Asia 's biggest
exporter of power-station coal, is examining options to
repurchase shares as its current buyback program expires today.
Indonesia 's biggest coal producer is "committed to an
ongoing buyback program," Dileep Srivastava, head of investor
relations, said in an e-mail today. The company hasn't
repurchased any shares since announcing the program in November,
he said. He didn't elaborate.
Bumi on Nov. 13 said it plans to spend 8.25 trillion rupiah
($696 million) to buy back 3.3 billion shares. The stock has
dropped 30 percent in the past three months while the benchmark
Jakarta Composite Index has gained 8.3 percent.
Bumi climbed 1.4 percent to 750 rupiah at 10:29 a.m. in
Jakarta today.
Indonesia in October temporarily scrapped a rule that forced
companies to seek shareholder approval before buying back shares.
It also eliminated a 10 percent limit on stock repurchases to
boost share prices.
For Related News and Information:
Stories on Asian currencies: TNI ASIA FRX BN <GO>
Most read Indonesian stories: MNI INDO <GO>
Corporate actions graph: BUMI IJ <EQUITY> GPCA <GO>
For Bumi block trades: BUMI IJ <Equity> MBTR <GO>
World equity index monitor: WEI <GO>
--Editors: Alex Devine, Jane Lee.
To contact the reporter on this story:
Arijit Ghosh in Jakarta at +62-21-2355-3025 or
agh...@bloomberg.net;
Leony Aurora in Jakarta at +62-21-2355-3023 or
laur...@bloomberg.net.
To contact the editor responsible for this story:
Tony Jordan at +65-6212-1150 or tjord...@bloomberg.net.
