Bumi shares tumble on first day back to trading after suspension

Suzie Neuwirth
TROUBLED miner Bumi had a volatile first day back on the London Stock Exchange, having resumed trading almost three months after its 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 250 at zero value.

The firm’s shares closed 8.6 per cent lower at 237p.

“A detailed and rigorous process was undertaken to enhance Bumi’s control procedures, which included a third party review,” said the company.

“After consultation with the FCA, the board now believes that it is appropriate to restore trading.”