Bumi Resources – New strategic partners?
Bisnis Indonesia reported that Glencore International (GLEINT, Baa2/BB and
Noble Group (NOBLSP, Baa3/BB are interested to become strategic buyers of
Bumi Resources’ (BUMIIJ, Ba3/BB) planned non-preemptive new share issue,
citing a source familiar with the situations. Note that the three parties mentioned in
the article have not made any comments on the news. To recap, Bumi has earlier
announced that it plans to sell 1.94 billion new shares (or 10% of its existing
shares) at Rp2,366 per share to raise US$496 million equity to reduce debts. Bumi
has two CBs that are puttable before the end of the year. The non-preemptive share
issue will be placed with strategic partners and existing shareholders have no rights
to purchase the shares.
