Bloomberg News

CIMB Niaga, Krakatau Steel, Mandiri: Indonesia Equity Preview

December 15, 2011

Dec. 16 (Bloomberg) -- Shares of the following companies may have unusual moves in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the previous close.

The Jakarta Composite index fell 1.3 percent to 3,701.54.

Banks: Indonesia regained investment grade rating for its sovereign debt at Fitch Ratings after 14 years. The country’s long-term foreign and local currency debt was raised to BBB- from BB+, Fitch said in a statement yesterday.

PT Bank Mandiri (BMRI IJ), the nation’s largest lender by assets, was unchanged at 6,450 rupiah and PT Bank Central Asia (BBCA IJ), the biggest by market value, declined 1.3 percent to 7,800 rupiah.

Energy companies: Crude oil futures dropped to a six-week low, falling 1.1 percent to $93.87 a barrel in New York yesterday. Oil was last at $93.70 a barrel.

PT Energi Mega Persada (ENRG IJ), Indonesia’s second- biggest listed oil company, rose 0.6 percent to 161 rupiah and PT Elnusa (ELSA IJ), an oil services company, was unchanged at 225 rupiah.

PT Bank CIMB Niaga (BNGA IJ): The Indonesian unit of Malaysia’s CIMB Group Holdings Bhd. plans to sell 1.5 trillion rupiah ($166 million) of bonds in Dec. 19-20 to help fund lending expansion, the lender said in a prospectus published in Bisnis Indonesia. CIMB Niaga was unchanged at 1,220 rupiah.

PT Krakatau Steel (KRAS IJ): Indonesia’s largest steel producer may obtain $470 million of loans as it expects to sign deals with eight local and overseas banks in February, Bisnis Indonesia reported, citing President Director Fazwar Bujang. Krakatau Steel fell 1.2 percent to 840 rupiah.

PT Medco Energi Internasional (MEDC IJ): Indonesia’s biggest listed oil company expects to start producing coal in February with output to reach 45,000 tons a month in June, President Director Lukman Mahfoedz said. Saratoga Capital will buy a 51 percent stake in Medco’s power unit, Mahfoedz also said. Medco fell 4.1 percent to 2,325 rupiah.

--Editor: Marie-France Han

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

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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