Shareholders of PT Bumi Resources approved today the Indonesian coal producer’s plan to buy back shares, Corporate Secretary Dileep Srivastava said in Jakarta.
Bumi’s immediate objective is to buy back about 200 million shares for about $60 million or $70 million to allow them to settle convertible bonds next year, Srivastava told reporters. During the 18-month buyback period, Bumi may decide to buy back more shares, he said.
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