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BUMI plunges after separation delayed again
Shares in coal mining company PT Bumi Resources plunged 3
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hares in coal mining company PT Bumi Resources plunged3.49 percent on Wednesday after its parent company, London-listed Asia ResourceMinerals Plc, announced a further delay of the company's takeover by anIndonesian shareholder.
Bumi Resources, whose shares are traded on the Indonesia Stock Exchange (IDX) under the code BUMI, saw its shares close at Rp 304 on Wednesday, lower than Rp 315 a day earlier.
The fall in share price, which erased half of BUMI's year-to-date gain of 5 percent, followed Asia Resource's announcement that Bakrie Group had asked to extend a timetable to completion on its plan to purchase Bumi Resources.
The politically wired Bakrie Group is planning to divest its 23.8 percent stake in Asia Resource, previously known as Bumi plc, in return for a 29.2 percent stake in Bumi Resources. The planned transaction is worth US$501 million.
The transaction was initially to be completed on Jan. 15. Asia Resource, on Bakrie Group request, extended the deadline to Jan. 17, then Jan. 20 and the latest on Feb. 21
