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CIMB Niaga, Garuda, Multistrada Arah: 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) fell 1.8 percent to 3,850.27.

Energy companies: Crude oil declined as much as 4.9 percent to $77.34 a barrel in after-hours trading in New York, extending yesterday’s 6.4 percent plunge. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, advanced 1.1 percent to 2,375 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, dropped 2.4 percent to 205 rupiah.

PT Bank CIMB Niaga (BNGA IJ): The Indonesian unit of Malaysia’s CIMB Group Holdings Bhd. may sell at least 1 trillion rupiah ($117 million) of subordinated bonds next year to support lending growth, Director Wan Razly Abdullah said in Jakarta. Bank CIMB rose 3.3 percent to 1,570 rupiah.

PT Garuda Indonesia (GIAA IJ): Indonesia’s largest airline is seeking funding of as much as $6.5 billion over the next five years to add planes, Investor Daily Indonesia reported, citing President Director Emirsyah Satar. Garuda declined 2.1 percent to 465 rupiah.

PT Multistrada Arah Sarana (MASA IJ): Hankook Tire Co. said there is no truth to a MoneyToday report that it is seeking to buy the Indonesian tire maker. South Korea’s largest producer of tires will focus on building its own plant in Indonesia, according to an e-mailed response to questions from Bloomberg News today. Multistrada fell 3.9 percent to 500 rupiah.

PT Nusantara Infrastructure (META IJ): The construction company plans to refinance 750 billion rupiah of debt at PT Bank Mega and PT Bank Syariah Mega Indonesia, Investor Daily Indonesia reported, citing President Director Ramdani Basri. The company will seek loans from PT Bank Central Asia (BBCA IJ) to refinance the debt, the report said. Nusantara was unchanged at 215 rupiah and Bank Central Asia, Indonesia’s largest lender by market value, slid 3 percent to 8,050 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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