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Jakarta Post

BUMI share price up after Bakrie separation announced

  • Raras Cahyafitri

    The Jakarta Post

Jakarta   /   Fri, December 14 2012   /  09:34 am

Shares in PT Bumi Resources, stock symbol BUMI, closed high on Thursday after its majority shareholder, London listed Bumi PLC, announced that the energy and mining company would return control to its Indonesian shareholder Bakrie Group.

BUMI’s stocks closed at Rp 640 (US 7 cents) on Thursday — an increase of almost 5 percent compared to Wednesday’s closing price of Rp 610 — during the day’s trading, BUMI achieved it’s highest increase of 6.5 percent to Rp 650.

Shares in Bumi PLC dropped by 2.4 percent in London to £2.64 ($4.26) as of 11 a.m. local time.

Bumi PLC announced on Wednesday evening that it was working on a transaction that would separate ownership of Bakrie Group — which consists of PT Bakrie & Brothers and Long Haul Holdings Limited— and the divestment of its 29.2 percent owned PT Bumi Resources, as soon as was practical.