Bloomberg News

Indonesia Stocks: Bakrie, Medco Energi, SMR Utama, Timah

October 10, 2011

Oct. 10 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite Index gained 0.7 percent to 3,451.1.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, rose for a third day, adding 2.4 percent to 2,100 rupiah. Medco plans to sell $30 million of five-year bonds this month to repay debt, the company said in a statement published in Investor Daily Indonesia today. The sale will be the second issue of the $150 million of bonds Medco plans to sell in three stages, it said.

PT SMR Utama (SMRU IJ), a mining and natural resources company, gained 8.3 percent to 650 rupiah on its first trading day after raising 300 billion rupiah ($33 million) in an initial public offering this month to repay debt, buy heavy equipment, and for working capital.

PT Timah (TINS IJ), Indonesia’s biggest tin producer, increased 1.2 percent to 1,650 rupiah. Tin for three-month delivery climbed 3.6 percent to $22,950 a metric ton in London on Oct. 7, rising for a fifth straight day.

PT Bakrie & Brothers (BNBR IJ): Glencore International Plc may buy as much as 20 percent of coal producer Bumi Plc from Bakrie & Brothers, the Sunday Times reported, without saying where it got its information. Simon Buerk, a spokesman for Glencore, said the company has no comment on the report when contacted by Bloomberg News. Bakrie & Brothers, an investment company, fell 2 percent to 51 rupiah.

--Editor: Greg Ahlstrand

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Shiyin Chen at schen37@bloomberg.net


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