· Bumi Resources disclosed its counterparts on non pre-emptive issuance where Credit Suisse and Raiffeisen Zentralbank Osterreich AG (RZB-Austria) stood as counterparties. Credit Suisse bought 608.6mn or 44% of the issuance while the remaining 56% bought by RZB.
· The lock up period is one year starting October 5, 2010 and these new shares will be listing today. Thus, Bumi’s outstanding shares will reach 20.8bn shares.
· Bumi plans to use all the cash to retire some of its debt. Currently BUMI is trading at 2011F PER of 14.0x and EV/EBITDA of 5.9x, Buy.
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