Bumi Plc to Resume Trading in London After Three-Month Halt
Bumi has taken “considerable steps to enhance its internal systems and controls” in relation to unit PT Berau Coal Energy (BRAU), the company said in a statement. After the moves at Berau and talks with the U.K.’s Financial Conduct Authority, the board “believes that it is appropriate to restore trading,” Bumi said.
The stock was initially halted in London in April after the company said it wouldn’t meet a deadline to publish its financial results. Bumi reported $201 million in missing funds in May at Berau and said in June it had struck a deal to recover a majority of the amount.
Bumi shares last traded at 259.30 pence on April 19. The stock plunged 69 percent last year.
The company agreed this month to sell its 29.2 percent stake in PT Bumi Resources (BUMI) to the Bakrie Group, as part of a two-step plan to separate from one of Indonesia’s wealthiest families.
Bumi has been at the heart of a battle for control between co-founders Nathaniel Rothschild, scion of a centuries-old British banking dynasty, and the Bakries. Each made rival proposals last year to unwind the $3 billion deal that brought them together in 2011. Bumi Chairman Samin Tan earlier this month agreed to buy the Bakrie family’s 23.8 percent holding in Bumi Plc for $223 million.
To contact the reporter on this story: Madelene Pearson in SINGAPORE at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Hobbs at email@example.com