However, we need to acknowledgethat the company is ' refinancing' as opposed to 'refJaying'
debt, despite the fact that PT Bumi Resources already possesses approximately S867m( ) of
' investments and other assets' on its balancesheet that arc unrelated to its coal and base metals
businesses and could be readilymonetised(~). The existenceof these assets are well known to the
investment community (especially in Asia wherePT Burni Resources is the most liquid stock on
the Jakarta exchange) and certainof these assets arc invested with connected parties(e.g.
Recapital, Bukit Mutiara). This is one of the principal reasons whyP'I' Btiini Resources' shares
trade at a significant 'corporate governance' discount to the broaderIndonesian coal sector.