The company will pay dividend from 2008 profit amounting to Rp50.6/share (15% payout ratio) or equal to 2.6% dividend yield.
The EGM approved company plan to pledge its assets (including KPC, Arutmin, and Herald Resources) in order to obtain new loan. Orally, they mentioned that the maximum loan amount they are looking for is up to EBITDA figures (note that FY08 EBITDA was around US$1.2bn). The loan will be used for expansion on coal related businesses.
The company revised Fajar Bumi shares acquisition from 77% stakes to 50% stakes. For this 50% stakes, the company will pay around Rp1.4tn.
The company plans to regroup its business units by separating coalrelated and non coal business units.
BUMI is currently trading at PER09F of 7.5x, maintain Neutral recommendation.
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