LONDON (SHARECAST) - Bumi is up 10.7p on reports that the Jakarta-based miner, PT Bumi Resources, in which it owns 29 per cent is to raise cash by selling non-core assets, to quickly pay down debt.
Bumi, founded by Nathaniel Rothschild, revealed on September 24th that it had begun investigating “potential financial and other irregularities” in the Indonesian miner.
The FTSE 250 company was brought to the UK market by means of a so-called 'cash shell', then called Vallar, in 2011 by Nat Rothschild.
Following a falling out with his Indonesian partners and majority stakeholders, the powerful Bakrie family, Nat Rothschild’s concerns over the company’s corporate governance have been widely reported.
These corporate governance concerns have seen the shares plummet from a high of 934p. They now stand at 160p.