Bumi is still waiting for the 7.0% Newmont Nusa Tenggara (NNT) divestment program and expects to increase its ownership through its subsidiary, Multi Daerah Bersaing (MDB).
Previously, Newmont Indonesia and Nusa Tenggara Mining Corp., as the shareholders of NNT, proposed a US$444.08mn for 7.0% divestment on NNT. However, the Government of Indonesia sees the offer is too expensive as it is 79.93% higher compared to a similar amount divested in 2009, which was priced at US$246.8mn.
There is no significant progress from this event and with its current 2010F PER of 11.9x and EV/EBITDA of 5.6x, we still maintain Buy.
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