Bloomberg News

Indonesia Stocks: Boreno Lumbung, Indocement, Garuda Indonesia

December 20, 2011

Dec. 20 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the close in Jakarta.

The Jakarta Composite index fell 0.5 percent to 3,752.34, declining for the first time in three days.

Cement producers: PT Indocement Tunggal Prakarsa (INTP IJ), the nation’s second-largest cement producer, rose 0.9 percent to 16,300 rupiah and PT Holcim Indonesia (SMCB IJ), the third biggest, increased 1.1 percent to 2,200 rupiah. The medium-term outlook for Indonesia’s buidling materials industry will improve after the nation’s parliament passed a land acquisition bill last week, Helmy Kristanto, a Jakarta-based analyst at BNP Paribas SA wrote in a note.

PT Borneo Lumbung Energi & Metal (BORN IJ), a coal producer, lost 2.4 percent to 800 rupiah, the most since Nov. 25. Standard Chartered Plc will delay the financial closing and funding of $1 billion in loans for Borneo Lumbung until the new year as the company waits on certain approvals from Indonesia’s capital markets regulator, according to a person familiar with the matter. Borneo Lumbung is buying a stake in coal producer Bumi Plc from PT Bakrie & Brothers for $1 billion cash and said last month it will use a $1 billion loan from Standard Chartered to fund the acquisition.

PT Garuda Indonesia (GIAA IJ), the state-owned carrier, surged 13 percent to 480 rupiah, the steepest gain since its February listing debut. Garuda allocated $5.3 billion for capital expenditures over five years for its fleet, Chief Financial Officer Elisa Lumbantoruan said. The company expects passenger traffic to rise 20 percent in 2012 from an estimated 17 million people this year, Lumbantoruan said.

--Editor: Allen Wan

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


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus