Bumi divestment, far away
As the share price increased sharply in the last few trading days, investors should be careful in digesting all kinds of information from Bumi Resources or their proxies. Today, Bumi replied JSX question on why the company's asset changed significantly by more than 20%, but you will not get the 'right' answer nor we know how much the changes?
Meanwhile, the company told JSX that six investors are currently in the final stages of due diligence to acquire 30% shares in KPC & Arutmin with expectation of binding offer next week (Feb 28) the latest. After that, Bumi will announce the result in late March.
FYI, Bumi shares price increased almost 100% since the collapse of divestment deal with Renaissance Capital in August 2006, partly because of massive buyback (more than USD200 million) and expectation of the new 30% divestment deal. The failure to close the deal would be a disaster for Bumi and related Bakrie shares, especially if the offered price would be lower than the claims (USD1.6 billion).
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Meanwhile, the company told JSX that six investors are currently in the final stages of due diligence to acquire 30% shares in KPC & Arutmin with expectation of binding offer next week (Feb 28) the latest. After that, Bumi will announce the result in late March.
FYI, Bumi shares price increased almost 100% since the collapse of divestment deal with Renaissance Capital in August 2006, partly because of massive buyback (more than USD200 million) and expectation of the new 30% divestment deal. The failure to close the deal would be a disaster for Bumi and related Bakrie shares, especially if the offered price would be lower than the claims (USD1.6 billion).
Labels: Arutmin, Bumi Resources, KPC
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posted by yosef at 1:40 PM
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