Bumi Resources Minerals (BRMS), a subsidiary of giant coal miner Bumi Resources (BUMI), has concluded the conversion of its US$52 million debt (Rp729 billion) into equity with Wexler Capital Pte Ltd. So Wexler now holds 20.8% BRMS shares. BRMS issued 8.68 billion new shares to Wexler for Rp84 per share, lifting its total issued and paid-up capital to Rp71 billion from Rp62.32 billion. The debt to equity ratio also improved to 0.1x from 0.2x. Other shareholders of BRMS are BUMI (31.36%), PT Biofuel Indo Sumatra (9.88%), First Financial Company Limited (20.07%), Fountain City Investment Ltd (7.04%), and public (10.83%).
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