Shares of Indonesia's Bumi Resources jump after rights issue priced
JAKARTA, June 27
JAKARTA, June 27 (Reuters) - Shares of PT Bumi Resources Tbk jumped as much as 15 percent on Friday after the Indonesian coal miner priced its rights issue at 250 rupiah a share.
Bumi said on Thursday it will sell about 32.2 billion shares to raise 8.05 trillion rupiah ($682.8 million) to pay off some of its debt to Chinese sovereign wealth fund, CIC.
Bumi shares hit as high as 173 rupiah on Friday.
The stock had plunged to an 11-year-low on Monday due to concerns about its ability to repay debt, but it had since recouped some of its losses.
The company said on June 20 it had failed to change the terms of $375 million of bonds nearing their repayment date, but it hopes to reach an agreement with bondholders by August.
($1 = 11,790.00 rupiah) (Reporting By Fransiska Nangoy; Writing by Eveline Danubrata; Editing by Matt Driskill)
- Crisis deepens as Ukraine says Russian troops back rebel advance
- Ukraine leader says Russian forces are in the country as key town falls
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- Islamic State executes dozens of Syrian army soldiers: monitor