Bukopin, Bumi Resources, Medco Energi: 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) rose 0.8 percent to 3,707.49.

Coal producers: Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, fell 2.2 percent to $121.13 a metric ton in the week ending April 1, according to the globalCOAL NEWC Index.

PT Bumi Resources (BUMI IJ), Asia’s biggest exporter of power-station coal, slipped 0.8 percent to 3,325 rupiah and PT Adaro Energy (ADRO IJ), Indonesia’s second-largest coal producer, rose 3.4 percent to 2,275 rupiah.

Energy companies: Crude oil for May delivery advanced 1.1 percent to $107.94 a barrel April 1, the highest settlement since Sept. 25, 2008. The contract gained 0.7 percent to $108.67 a barrel in electronic after-hours trading as of 8:53 a.m. Jakarta time.

PT Energi Mega Persada (ENRG IJ), Indonesia’s second- biggest listed oil company, was unchanged at 128 rupiah and PT Benakat Petroleum Energy (BIPI IJ) was unchanged at 86 rupiah.

PT Bank Bukopin (BBKP IJ): The bank that is owned by cooperatives is seeking to raise 500 billion rupiah ($57.6 million) through a subordinated debt offering in the middle of this year to boost its capital, Bisnis Indonesia reported, citing President Director Glen Glenardi. The lender is in the process of selecting an underwriter for the offer, the report said. Bukopin was unchanged at 680 rupiah.

PT Bank Internasional Indonesia (BNII IJ): The lender will raise 1 trillion rupiah through a subordinated debt offering in the second or third quarter of this year to increase capital, Kontan reported, citing President Director Ridha Wirakusumah. The lender is also planning to merge its Islamic banking unit with PT Bank Maybank Syariah Indonesia this year, the report said. Bank Internasional was unchanged at 630 rupiah.

PT Medco Energi Internasional (MEDC IJ): Indonesia’s biggest listed oil company has earmarked $300 million for capital spending this year, Investor Daily reported citing Finance Director Cyril Noerhadi. The company will use internal cash and seek bank loans to support its plan, the report said citing Noerhadi. Medco fell 0.9 percent to 2,850 rupiah.

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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