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Minggu, 24 Juli 2011

Bumi Resources: Buy back shares to support Step-up transaction (BUMI, Rp3,075, Buy, TP: Rp3,700) - Mandiri

􀂄 BUMI is planning to seek approval from the extraordinary general meetingon 23 August 2011. At the same time the EGM will also give final decision for the sale of 75% stake in BRMS.
􀂄 BUMI’s currently is holding treasury stock of 412.9mn that has been purchased in 2H08 or represent 2% of the totalo outstanding shares.
􀂄 In our opinion, this plan could be used for 2 options : 1.) to support its deleveraging plan with regard on the potential conversion of the existing 2 CB which issued in 2009 amounting US$375mn and US$300mn respectively and 2.) to support its Bumi Plc’s Step-Up transaction to increase ownership in BUMI up to 51%. In our opinion, option 2 is the most likely option
􀂄 Currently we still have Buy rating on BUMI. BUMI trades at 14.9x-12.7x PER11F-12F

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