Bumi Requests More Time To Review Asset Report
Coal producer PT Bumi Resources has asked for more time to review a draft audit opinion report by the Indonesian Professional Appraisers Society (MAPPI) on the valuation of three assets Bumi has acquired.
“They asked for more time to review the draft report,” said Eddy Sugito, a listing director at the Indonesia Stock Exchange (IDX), on Monday. MAPPI began investigating the three Bumi transactions for the IDX and capital-market regulator Bapepam-LK after the coal giant paid more than five times the market value for one firm it recently acquired, and three times the value for another.
MAPPI team leader Okki Danizah said that Bumi would only be given more time to review the draft, not to debate the results, which were more or less final. Sugito said that the IDX would report on the draft to Bapepam, possibly today. Sugito said that he hoped the matter would be resolved by the end of this week, with the results to be announced by Bapepam.
Publishing Date: 08 Jun 2009
Source: The Jakarta Globe