Bakrie offloaded 504 million Bumi shares

CMA Pte Ltd, a company related to Bakrie family, offloaded 504 million shares of PT Bumi Resources Tbk. As a result, its ownership reduced from 10.52% to 7.92%. Credit Suisse Singapore Branch holds Bumi shares owned by CMA Pte Ltd. Credit Suisse provides loans to Bumi Resources, but Bumi repeatedly denied that it use CS loans to finance the shares buyback in the last few months.

According Bumi Resources report to JSX on Monday, the company had bought back 960 million shares until January 11, half-way to the maximum amount allowed (1.94 billion).

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