Bloomberg News

Indonesia Stocks: Bank Central Asia, CIMB Niaga, Medco Energi

December 16, 2011

Dec. 16 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of 9:56 a.m. in Jakarta.

The Jakarta Composite index rose 0.9 percent to 3,734.52. The gauge fell 0.7 percent this week, set for a second weekly loss.

Banks: PT Bank Rakyat Indonesia (BBRI IJ), the nation’s largest lender by revenue, gained 2.3 percent to 6,650 rupiah and PT Bank Central Asia (BBCA IJ), the biggest by market value, climbed 1.9 percent to 7,950 rupiah.

Indonesia regained an 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 CIMB Niaga (BNGA IJ), the Indonesian unit of Malaysia’s CIMB Group Holdings Bhd., rose 1.6 percent to 1,240 rupiah. CIMB Niaga plans to sell 1.5 trillion rupiah ($166 million) of bonds on Dec. 19-20 to help fund lending expansion, the bank said in a prospectus published in Bisnis Indonesia.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, gained 3.2 percent to 2,300 rupiah, set for the sharpest increase since Dec. 1. Medco expects to start producing coal in February, targeting output of 45,000 metric 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.

--Editor: Matthew Oakley

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


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus