T

he Indonesia Stock Exchange (IDX) will likely issue sanctions to parties related to inadequate disclosures of ownership changes of listed diversified miner PT Bumi Resources Minerals (BRMS).

However, the bourse’s corporate listings director, Hoesen, could not reveal what form the sanctions would take as this case was unprecedented.

According to a number of files submitted by BRMS’ securities administration bureau, PT Sinartama Gunita, the majority shareholder of miner PT Bumi Resources, had reduced its ownership since last year.

The final document submitted on March 20 showed that as of March 18, Bumi Resources only held 33.52 percent of BRMS, less than half of the 87.09 percent it held after BRMS’ initial public offering (IPO) in late-2010 and the execution of mandatory convertible notes in 2011.

Bumi Resources and BRMS insist that the former’s ownership remained unchanged at 87.09 percent, stating as much in their financial reports at the end of September 2012.

However, files from the securities administration bureau show that Bumi Resources’ ownership in BRMS has gradually decreased since March 2012. Moreover, the files reveal the entry of new investors, including Long Haul Indonesia and PT DMS Investama.

Details about the two companies remain unclear; so, too, does their relationship with each other and with the recognized shareholder, Bumi Resources.

Long Haul Indonesia bought its first stake in BRMS of 10.85 percent last August. The company’s ownership then rose to 12.8 percent as of March 18, according to Sinartama Gunita figures. Meanwhile, DMS Investama first became a shareholder in BRMS on March 18, buying an 11.93 percent stake.

IDX plans to summon the management of both Bumi Resources and BRMS to explain the changes in ownership. It will also seek clarification from Sinartama Gunita.

“We will ask them which report is correct. So far, we have only seen reports of reduced ownership; we have not heard which shareholders increased their stakes. They must disclose [the facts] although the owner is the same,” Hoesen said.

He added that the purchasers of BRMS shares also violated stock market regulations, as they did not report them to the bourse. According to the regulations, a purchase by a company of more than 5 percent in a listed company must be announced to the public.

Shares in BRMS closed 1.59 percent down to Rp 310 apiece on Friday compared to a day earlier. Shares in Bumi Resources (BUMI) plunged further by 5.26 percent to close at Rp 720 per share on Friday.