Indonesia's Bumi plans $239 mln share buyback
JAKARTA, May 13 (Reuters) - Indonesia's largest coal miner, PT Bumi Resources Tbk BUMI.JK, said on Tuesday it plans to buy back up to $238.97 million in shares, representing up to 1 percent of its share capital.
Bumi, 17 percent owned by PT Bakrie & Brothers Tbk BNBR.JK, said in an advertisement carried in a newspaper it would purchase the shares at a maximum of 11,600 rupiah ($1.26) each over the next one year.
It said it would seek shareholder approval for the buyback at a meeting scheduled for June 12. ($1=9,239 Rupiah) (Reporting by Harry Suhartono, editing by Ed Davies)
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