JAKARTA – PT Bumi Resources Tbk (BUMI) has secured shareholder approval to undertake a quasi-reorganisation.

The approval was granted during the Annual General Meeting of Shareholders (AGMS) and the Extraordinary General Meeting of Shareholders (EGMS), held at the J.S. Luwansa Hotel Ballroom, Jakarta, on Monday (2/6).

BUMI’s management stated that all meeting agendas received shareholder consent.

These included the approval of the 2024 directors’ accountability report, the appointment of a public accountant, a reappointment of the board of directors and commissioners, as well as the plan for a quasi-reorganisation.

“Through this quasi-reorganisation, the company will restructure its balance sheet to reflect retained earnings unburdened by historical deficits,” BUMI management said in an official statement on Tuesday (3/6).

The move is expected to improve the company’s capital structure, eliminate accumulated losses (deficit), and reflect the true value of its assets.

Additionally, BUMI hopes to gain wider access to funding to support business expansion.

Management also targets that the quasi-reorganisation could attract investor interest and improve the liquidity of BUMI shares.

As of Wednesday (4/6), BUMI’s share price rose by 2.54% from IDR 118 to IDR 121 per share. Over the past five trading days, the stock has gained 1.68%, and over the past month, it has grown by 11.01%. (DK/KR/ZH)