Shares in PT Bumi Resources Tbk (Other OTC: PBMRY - news) , Asia's biggest coal exporter, jumped as much as 16.67 percent on Thursday after it requested a takeover panel to expedite inquiry into the creation of parent coal miner Bumi Plc.
"Shareholder votes at Bumi have been massively distorted to the disadvantage of Indonesian shareholders. And the Panel was kept in the dark about key facts at the time of creation of Bumi Plc," said Nirwan Bakrie, the chairman of Bakrie Group, in a statement to the London Stock Exchange (LSE: LSE.L - news) on Wednesday.
Bakrie has requested the takeover panel to release factual findings ahead of the EGM on Feb. 21.
Shares of the coal miner were up 13.89 percent at 820 rupiah. The stock was the third-biggest traded by volume.
The broader Jakarta Composite index was up 0.6 percent.
1130 (0330 GMT) (Reporting by Andjarsari Paramaditha; Editing by Prateek Chatterjee)