CIC Increases Ownership in BUMI by 6.36% through Conversion of Mandatory Convertible Bonds

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- China Investment Corporation (CIC) has increased its ownership in PT Bumi Resources, Tbk (BUMI) by 24,808,785,152 shares (6.36%).

In a letter to the Stock Exchange Authority on December 7, CIC's Chairman and CEO, Chun Peng, revealed that CIC, through its subsidiary, Chengdong Investment Corporation (Chengdong), acquired 24,808,785,152 new shares of BUMI as a result of the conversion of Mandatory Convertible Bonds (MCB).

The transaction was completed on December 2, 2022. The conversion price per share was IDR 80.

"The MCB conversion through the issuance of new shares is based on the Commercial Court's Decision at the Central Jakarta District Court No. 36/Pdt.Sus PKPU/2016/PN.Niaga.Jkt.Pst dated November 28, 2016," Chun Peng wrote in the letter.

"Considering that the MCB conversion is carried out to implement the court's decision, the MCB conversion will be exempt from the obligation to make a mandatory tender offer as stated in Regulation No. 9/POJK.04/2018 on the Takeover of Public Companies," Chun Peng added.

After the transaction, CIC is now recorded as the owner of 39,663,128,830 shares, representing 10.68% of all shares issued by BUMI. Previously, CIC owned 14,854,343,678 shares (4.32%).

CIC owns BUMI's shares indirectly through CIC International Co., Ltd which owns 100% of Chengdong, Best Investment Corporation (Best Co) which owns 1,003,500 shares

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