by: Wisnu Wijaya
JAKARTA: Parent company of Bakrie Group, PT Bakrie & Brothers Tbk (BNBR), could gain IDR929.28 billion from the swap agreement with Glencore International AG if Bakrie exercised the buyback option.
Bakrie & Brothers have option to buyback PT Bumi Resources Tbk (BUMI) stocks from Glencore International at IDR1,840 per share.
Bakrie & Brothers has managed a shares swap transaction agreement worth US$200 million with one of the global largest commodities player Glencore International AG.
The agreement, signed on June 26 2010, has made Glencore to be one of shareholders at Indonesia's largest thermal coal exporter Bumi.
The latest data shows that Glencore holds 4.98% stake or 968 million shares in Bumi Resources (before non-preemptive rights).
Based on Bakrie & Brothers's June financial report, under the swap agreement, Bakrie has rights to buyback Bumi shares from Glencore within 2 years.
Bumi stocks today surged 7.69% to IDR2,800 per share. If Bakrie would exercise the buyback option and sell the stocks at the current market price, the company could bag IDR929.28 billion cash. (wiw)
Bakrie & Brothers have option to buyback PT Bumi Resources Tbk (BUMI) stocks from Glencore International at IDR1,840 per share.
Bakrie & Brothers has managed a shares swap transaction agreement worth US$200 million with one of the global largest commodities player Glencore International AG.
The agreement, signed on June 26 2010, has made Glencore to be one of shareholders at Indonesia's largest thermal coal exporter Bumi.
The latest data shows that Glencore holds 4.98% stake or 968 million shares in Bumi Resources (before non-preemptive rights).
Based on Bakrie & Brothers's June financial report, under the swap agreement, Bakrie has rights to buyback Bumi shares from Glencore within 2 years.
Bumi stocks today surged 7.69% to IDR2,800 per share. If Bakrie would exercise the buyback option and sell the stocks at the current market price, the company could bag IDR929.28 billion cash. (wiw)
