JAKARTA - PT Bumi Resources Tbk (BUMI) will conduct quasi-reorganisation by eliminating the accumulated loss using its premium on stock. After this plan, BUMI will no longer record deficit of USD 2.35 billion in its financial report.

In the information disclosure quoted Tuesday (23/4), Dileep Srivastava, Corporate Secretary of BUMI, mentioned that the company’s financial position will improve without the deficit after this quasi-reorganisation. “This plan should await approval from shareholders at Extraordinary General Meeting of Shareholders on May 30, 2024,” he added.

According to Srivastava, the improvement of its equity structure will generate positive results for shareholders, such as dividend allocation, as well as enhancing investors’ interest in purchasing BUMI’s shares. In addition, without the deficit, it will be easier for the company to gain funding for business expansion.

Within the past three years, BUMI has recorded deficits: USD 2.88 billion 2021, USD 2.36 billion in 2022, and USD 2.35 billion in 2023.

In 2023, the revenue of this company was reported at USD 1.67 billion, while the net profit clocked up to USD 10.92 million. In 2022, the revenue was at USD 1.83 billion, and the profit reached USD 525.27 million, while in 2021, the revenue was reported at USD 1 billion, and the net profit arrived at USD 1.68.01 million. (LK/ZH)