PT Bumi Resources Tbk (BUMI) plans to issue a rights issue (hak memesan efek terlebih dahulu/HMETD) worth Rp 35.1 trillion. If this corporate action is executed, it will be the largest rights issue after Bakrie & Brothers' Rp 40 trillion issuance in March 2008. The third largest was issued by PT HM Sampoerna Tbk, worth Rp 26 trillion in 2015.
The indicative price of BUMI's HMETD is Rp 926 per share, more than double the closing price of Rp 430 on February 8, 2017. BUMI's corporate action aims to convert debt from creditors into equity. Bumi Resources' total debt, based on its September 2016 financial report, reached US$ 6.21 billion, equivalent to Rp 82.6 trillion, representing a 1.4 percent decrease from the same period in 2015, which was US$ 6.29 billion.
In October 2016, PT Evergreen Invesco Tbk (GREN) planned a Rp 30 trillion rights issue to raise capital and for business development. However, this corporate action has not yet been implemented.
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