NISP Bumi Resources sold its non pre-emptive to Credit Suisse and RZB (BUMI, Rp2,200, Buy)

· 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.