Shares in PT Bumi Resources, Asia's biggest coal exporter, rose as much as 8.2 percent on Tues
day after its London-listed parent agreed to allow shareholders to vote in February on a plan that could oust almost all board members.
Bumi Resources parent company, Bumi Plc granted co-founder Nat Rothschild's request for a vote that could oust almost all board members. Rothschild, in his battle against Bumi's board members and the company's Indonesian investors, demanded a meeting to allow shareholders to vote on a plan to oust 12 of 14 current directors, including the newly appointed chief executive.
Last October, the politically connected Bakrie family announced a plan to pull out the Indonesian assets it brought in by exiting the Bumi Plc shareholding and taking a minority stake in Bumi Resources, partly in exchange for its Bumi shares.
Shares of the coal miner were up 6.56 percent at 650 rupiah, with the 4th biggest volume of the day. The Jakarta mining index was up 1.34 percent while the broader was up 0.34 percent.
1201 (0501 GMT)
(Reporting by Andjarsari Paramaditha; Editing by Anupama Dwivedi) Keywords: MARKETS INDONESIA STOCKSNEWS/BUMIRESOURCES
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