Bloomberg News

Indonesia Stock Movers: Bumi Resources, Garuda, Indika Energy

January 13, 2012

Jan. 13 (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 rose 0.7 percent to 3,935.33, its first gain in three days. The measure has risen 1.7 percent this week, its fifth weekly advance.

PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal producer, gained 2 percent to 2,525 rupiah, the highest close since Sept. 21. Nathaniel Rothschild, billionaire founder of coal producer Bumi Plc, said he’s mended ties with Indonesia’s Bakrie family, Bumi Plc’s largest shareholder, after they affirmed a debt repayment schedule for 2012. Bumi Plc owns 29.18 percent of Bumi Resources, according to data compiled by Bloomberg.

PT Garuda Indonesia (GIAA IJ), the national flag carrier, advanced 1.8 percent to 580 rupiah, the highest close since Feb. 14. Garuda expects sales to rise 21 percent this year from last year’s unaudited total of 27.1 trillion rupiah ($3 billion), Chief Executive Officer Emirsyah Satar told reporters. The company’s unaudited 2011 net income was 900 billion rupiah, Satar said. Garuda had net income of 515.5 billion rupiah in 2010, according to data compiled by Bloomberg.

PT Indika Energy (INDY IJ), an coal producer, gained 7 percent to 2,675 rupiah, the highest close since Oct. 31, after Investor Daily Indonesia reported the company expects to raise $150 million selling back at least 16.6 percent of PT Petrosea shares to the public by the end of this month. Retina Rosabai, head of investor relations at Indika, declined to comment on the report.

--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: Darren Boey at dboey@bloomberg.net


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