Astra, Borneo Lumbung, Krakatau Steel: 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 0.1 percent to 3,778.24.

Energy companies: Crude oil futures rose to a three-month high, adding 1.3 percent to $95.52 a barrel in New York yesterday.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, fell 1.1 percent to 2,350 rupiah and PT Energi Mega Persada (ENRG IJ), the second-largest, dropped 3.2 percent to 153 rupiah.

PT Astra International (ASII IJ): PT Astra Daihatsu Motor is considering investing $1 billion over the next five years to build a research and development facility in West Java to develop Daihatsu Motor Co. products for the Indonesian and export markets, Investor Daily Indonesia reported, citing Sudirman Maman Rusdi, president director at Astra Daihatsu. Astra, which sells Daihatsu vehicles and is also Indonesia’s biggest auto retailer, slid 0.7 percent to 67,850 rupiah.

PT Borneo Lumbung Energi & Metal (BORN IJ): The coking-coal producer plans to buy back 5 percent of its shares to strengthen the price, Kontan reported, citing Corporate Secretary Geroad Panji Alamsyah Jusuf. The company will use its own cash for the buyback and will ask for shareholders approval on Dec. 15, the report said. Borneo Lumbung was unchanged at 850 rupiah.

PT Bumi Resources (BUMI IJ): Indonesia’s largest coal producer delayed a plan for early repayment of the first tranche of its $1.9 billion debt to China Investment Corp. from October, Bisnis Indonesia reported, citing Bumi Director Dileep Srivastava. Bumi still plans to repay $600 million of the debt early, using a bridging loan facility, the report said. The stock declined 2.1 percent to 2,300 rupiah.

PT Krakatau Steel (KRAS IJ): Indonesia’s biggest steel producer expects to obtain a $450 million loan commitment from local and foreign banks this month to help fund the construction of a blast furnace, Investor Daily Indonesia reported, citing Sukandar, finance director at the company. Krakatau Steel rose 1.2 percent to 820 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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