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Rabu, 24 Agustus 2011

Bumi Resources: Plan to buy back up to Rp3.9tn (Rp2,600, BUMI, Buy, TP :Rp3,700) - Mandiri

􀂄 In the announcement today, BUMI declared its plan to buy back with a budget up to Rp3.9tn for 3.75% of total outstanding shares or 780mn shares, which implying a maximum share price of Rp5,000/share.
􀂄 This plan will be proposed in the EGM that will be held on 26 September 2011 with the buy back period between September 2011 – September 2013.
􀂄 This plan is part of the company’s strategy in regards to the potential conversion of the existing 2 CB which issued in 2009 amounting of US$375mn and US$300mn, respectively. BUMI is currently holding treasury stock of 412.9mn that has been purchased in 2H08 or represent 2% of the total outstanding shares.
􀂄 Please note that based on the Bapepam regulation no XI.B.2, there’s an option for the company to buy back share outside the regular market trading at the highest average closing price for the last 90 days, which could be a positive sign for the BUMI stock price.
􀂄 Currently we have Buy rating on BUMI which trades at 12.7x-10.8x PER11F-12F

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