PT Bumi Resources, Asia's biggest exporter of power-station coal, canceled a plan to use a $75
million loan from Credit Suisse Group to buy back shares.
Bumi will use the funds for ``general purposes,'' it said in a statement to the Indonesia Stock Exchange today.
The coal producer won't use its own shares, purchased earlier through a buyback program, as collateral for the loan, it said. Bumi said on Nov. 19 that it plans to use the Credit Suisse loan, which will mature in three years, to buy back shares.
Tuesday, December 23, 2008
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