Bumi, Bank Rakyat, Bukit Asam, Medco: Indonesia Equity Preview

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 (JCI) gained 0.5 percent to 3,598.67.

Energy companies: Crude oil futures gained 0.3 percent to $104.65 a barrel in after-hours trading in New York as of 7:56 a.m. Jakarta time.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s largest listed oil company, rose 1.7 percent to 2,975 rupiah. PT Energi Mega Persada (ENRG IJ) climbed 0.9 percent to 114 rupiah.

PT Bank Rakyat Indonesia (BBRI IJ), the country’s second- biggest lender by assets, plans to buy the remaining stake of PT Bank Agroniaga (AGRO IJ) it doesn’t already own through a tender offer from March 31 until April 20, it said in a statement published in Bisnis Indonesia. The state-owned bank currently owns an 88.22 percent stake in Agroniaga, according to the statement. Bank Rakyat was unchanged at 5,150 rupiah and Agroniaga fell 1.3 percent to 149 rupiah.

PT Bumi Resources (BUMI IJ), Indonesia’s largest coal producer, will “immediately” convert 4.95 trillion rupiah ($563.5 million) of mandatory convertible notes issued by mining unit PT Bumi Resources Minerals (BRMS IJ) into a stake in the unit, Bumi Minerals said in a statement yesterday evening. Bumi Minerals will issue 7.4 billion new shares at 670 rupiah each for its parent company to settle the notes, it said. Bumi Resources and Bumi Minerals were unchanged at 3,050 rupiah and 660 rupiah respectively.

PT Tambang Batubara Bukit Asam (PTBA IJ), a state-owned coal company, said 2010 net income fell to 2 trillion rupiah from 2.7 trillion a year earlier as revenue dropped to 7.9 trillion rupiah from 8.9 trillion. Bukit Asam declined 1.2 percent to 20,300 rupiah.

PT Berlian Laju Tanker (BLTA IJ), Indonesia’s second- biggest listed shipping company by market value, signed a sell- and-lease-back agreement with Standard Chartered Plc for four stainless steel chemical tankers in a transaction valued at $93.5 million. The deal will improve the company’s financial position, Finance Director Kevin Wong said in an e-mailed statement yesterday evening. Berlian Laju rose 2.8 percent to 365 rupiah.

PT BFI Finance Indonesia (BFIN IJ), a heavy-equipment and automotive financing company, plans to sell 300 billion rupiah of bonds in June to fund expansion and repay debt, Bisnis Indonesia reported, citing Corporate Secretary Budi Munthe. BFI Finance was unchanged at 2,725 rupiah.

To contact the reporter on this story: Yoga Rusmana in Jakarta at yrusmana@bloomberg.net

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

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