(wisnuwijaya.com) Resignation of Indonesia's Finance Minister Sri Mulyani Indrawati, mandated as World Bank's Managing Director, has boosted a market speculation that tax case of PT Bumi Resources Tbk (BUMI) would be settled soon.
Following possibility settlement of the tax case, China Investment Corporation (CIC) might bravely convert BUMI's debt into new shares by issuing non-preemptive rights of 10% shares.
But, the prolonged market speculation will collapse due BUMI's management doesn't has any agenda to hold non-preemptive rights.
The market rumor said Bumi will use its first quarter earnings as a base to determine the share price for the planned non-preemptive rights amounting as much as 2.5 billion shares. With an assumption of Rp74 trillion in assets and a book value of Rp760, the base price for the non-preemptive rights is at Rp2,950 per share or on a goodwill of a price to book ratio of 3.88 times.
In a formal statement to Indonesia Stock Exchange today, BUMI has eventually revealed two main agendas during extraordinary shareholder general meeting (EGM) scheduled on June 22 2010. Bumi aims to obtain shareholders approval to pledge its assets and mandate board of directors.
So, when does BUMI issue non-preemptive rights for CIC? or debt conversion is just a rumor to jack up BUMI shares price?
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