A man takes a selfie in front of monitors showing stock prices at the Indonesia Stock Exchange building in Jakarta on May 11, 2021. (Antara Photo/Muhammad Adimaja)

Bumi Converts $175m Worth of Bonds Into Stocks


FEBRUARY 22, 2022

Jakarta. Bumi Resources, Indonesia's largest listed coal miner by total reserves, has completed a private placement that saw its bonds worth $175.5 million converted into new shares. The company said in a statement on Tuesday. 

The mining company, owned by the Bakrie Group, issued 34.49 billion new C-Series shares at Rp 73 per share, worth Rp 2.51 trillion in total ($175.5 million), the company said in the statement. 

"The new Series C shares issued by the Company in the Non-Preemptive Private Placement is to accommodate the conversion requests from the relevant MCB Holders (OWK Holders) based on conversion requests as of the cutoff date of Dec 10, 2021," the company wrote in the statement. 

The bondholders who converted their holdings were Nuzul Fajri Muhammad Nur with 77,940 shares worth Rp 5.68 million and Ita Haryavita with 89,040 shares or Rp. 6.5 million. Ronald Ferry Pangaribuan converted his holdings to 1.23 million shares with a value of Rp 90 billion. Lastly, Innovate Capital, a Singapore-based venture capital company, obtained 34.49 billion shares with Rp 2.51 trillion.


After the private placement, Bumi Resources' total increased from 74.27 billion shares — consisting of 20.77 billion Series A shares, 53.5 billion Series B shares  — to 108.77 billion shares comprised of Series A shares. as many as 20.77 billion shares, 53.5 billion series B shares, and 34.49 billion series C shares.

Bumi Resources shares were traded at Rp 66 per share at the close of the first trading session in the Indonesia Stock Exchange on Tuesday, falling 5.7 percent from a day ago. 

Bumi Resources