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View all search resultsBumi Resources Mineral to hold private placement to pay debt
The indebted miner is slated to sell the shares to Singapore-based management consulting firm Wexler Capital Pte.
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ublicly listed mineral miner PT Bumi Resources Mineral (BRMS) plans to issue US$52 million worth of new shares in a private placement this year to finish paying off a three-year-old debt penalty.
The indebted miner is slated to sell all the shares to Singapore-based management consulting firm Wexler Capital Pte, to which BRMS owes the money. The miner plans to request shareholder approval over the debt-for-equity swap during a meeting on June 24.
Read also: Omnibus bill to centralize permit processing, offer incentives for miners
“After completing this transaction, BRMS’s minority shareholder ownership will only be diluted by 2.3 percent,” BRMS director Herwin W. Hidayat said in a statement on Tuesday.
The sale is expected to improve the miner’s debt-to-equity ratio and liquidity, he added.
Publicly-listed BRMS owes Wexler $154.96 million worth of shares after the consultancy and other creditors won a court case at the South Jakarta District Court in 2017.
Read also: Miners call for more government support amid rising problems
