Indonesia halts Bumi trading
JAKARTA: The stock exchange said yesterday it has suspended trading of PT Bumi Resources after Asia's biggest thermal coal exporter said China's sovereign wealth fund CIC had agreed to a debt-for-equity swap.
In a statement on its website, the exchange noted Bumi Resources had sent a letter about an agreement to settle its debt to CIC, and said "more information is needed on the matter that can affect the company's trading".
The exchange also suspended, until further announcement, trading of affiliated company Bumi Resources Minerals. The two shares did not start trading yesterday.
Bumi Resources, controlled by the Bakrie Group, said late Wednesday it had entered into an agreement to settle a US$1.3 billion (RM4.16 billion) loan to CIC in a share swap deal. Reuters