Bumi resumes trading

Suzie Neuwirth

TROUBLED miner Bumi has announced that it will resume trading today, after almost three months since the firm’s shares were suspended due to irregularities on its balance sheet.

The company, which is currently undergoing a separation after a long-running feud between its co-founders Nat Rothschild and the Bakrie family, had to re-list this week or would have its shares removed from the FTSE at zero value.

“The company published its audited full year results on 31 May 2013 and the board of Bumi has taken considerable steps to enhance its internal systems and controls in relation to Bumi's subsidiary, Berau Coal Energy Tbk,” said Bumi.

“A detailed and rigorous process was undertaken to enhance Bumi's control procedures, which included a third party review. This process is now complete and after consultation with [UK financial regulator] the Financial Conduct Authority, the board now believes that it is appropriate to restore trading.”