PT Bakrie & Brothers, said it has bought back 324 million shares of PT Bumi Resources Tbk for 551.2 billion rupiah from a unit of Ancora Group. The buy back agreement was signed on Oct. 8, management Bakrie & Brothers said in a filing to the Indonesian stock exchange today.
The average buyback price for the shares was 1,700 rupiah a piece.
Private equity firm Ancora Capital Management (Asia) Ltd. in the fourth quarter of 2008 took over $72 million of Bakrie & Brothers debt to JPMorgan Chase & Co. that was raised by pledging shares in Bumi.
Bumi shares have tripled since the start of the year after tumbling 85 percent last year on concern of Bakrie & Brother' debts. Bumi shares slid 0.9 percent to 2,800 rupiah today in
Jakarta.
Tuesday, October 13, 2009
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