JAKARTA – PT Bumi Resources Tbk (BUMI) would offer 103,066,596,392 Series C shares of IDR 50 each via a private placement. It will be decided during the Extraordinary General Shareholders Meeting on December 23, 2021. This corporate action is intended to fix the working capital deficiency and liability of over 80% of its assets.
In the information disclosure quoted Wednesday (17/11), the total shares to be issued were revealed to reach 138.76% of its issued and paid-up capital before the private placement took effect. It equals 74,274,746,007 shares worth IDR 15.73 trillion in total. The issuance of these Series C shares also aims to meet the conversion demand from the mandatory convertible bondholders. Moreover, this corporate action would also cut the interest costs of the remaining convertible bonds by a maximum of IDR 451.43 billion per year.
As previously known, based on the decision of debt suspension, the company had issued mandatory convertible bonds of IDR 8.45 trillion. It was offered in 8,457,165,000 units of bonds and should be converted into Series B shares. However, in this case, the company means to alter the trustee agreement during the General Bondholders Meeting on November 29, 2021, and change the conditions so that the bonds could be converted into Series C shares. (LK/ZH)