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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
CM
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
