Bank Kesawan, Indofood, Medco Energi: Indonesia Equity Preview

The following stocks may have unusual price changes in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the last close.

The Jakarta Composite index rose 0.2 percent to 3,501.30.

Energy companies: Crude oil for November delivery rose 2.7 percent to $79.97 a barrel in New York yesterday, the highest settlement in seven weeks. The contract was at $79.85 a barrel in after-hours trading as of 7:35 a.m. Jakarta time.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, climbed 0.8 percent to 3,325 rupiah and PT Elnusa (ELSA IJ), an oil services company, retreated 1.5 percent to 340 rupiah.

PT Bank Kesawan (BKSW IJ): Qatar National Bank SAQ may buy a stake of as much as 82 percent in Kesawan through a rights offer in the first quarter of 2011, Kesawan said in a statement published in Bisnis Indonesia. Qatar National Bank will be the standby buyer in the 734 billion rupiah ($82 million) rights offer, it said. Kesawan was unchanged at 800 rupiah when it last traded on Sept. 29.

PT Bumi Resources (BUMI IJ): Indonesia’s biggest coal producer sold $700 million of U.S. dollar-denominated debt maturing in 2017, according to data compiled by Bloomberg. The 10.75 percent debt, issued through the coal miner’s Bumi Investment Pte., was priced at par, Bloomberg data show. Bumi gained 1.2 percent to 2,125 rupiah.

PT Indofood Sukses Makmur (INDF IJ): The initial public offering of the company’s unit, PT Indofood CBP Sukses Makmur, attracted demand of 15 times the amount of shares on offer, Kontan reported, citing a person it didn’t identify. Indofood, Indonesia’s biggest instant-noodle maker, gained 0.9 percent to 5,450 rupiah.

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

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.