Barito Pacific, Bumi, Multistrada: 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 0.6 percent to 3,792.25.

Energy companies: Crude oil futures slumped 3.7 percent to $98.82 a barrel in New York yesterday, and traded at $98.31 at 9:24 a.m. Singapore time.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, dropped 1 percent to 2,400 rupiah and PT Energi Mega Persada (ENRG IJ), the second-largest, slid 0.6 percent to 161 rupiah.

PT Bank Tabungan Pensiunan Nasional (BTPN IJ): The company will acquire PT Bank Sahabat Purba Danarta and convert it into a syariah unit, Bisnis Indonesia reported, without saying where it obtained the information. Bank Tabungan Pensiunan Director Anika Faisal confirmed the plan to acquire a bank without naming a target, Bisnis said. The stock rose 0.7 percent to 3,550 rupiah.

PT Barito Pacific (BRPT IJ): The petrochemical producer has set aside $50 million to acquire coal mines and other assets as it seeks to diversify its business, Kontan reported, citing Agustino Sudjono, head of investor relations. Barito declined 1.2 percent to 810 rupiah.

PT Bumi Resources (BUMI IJ): PT Recapital Advisors will repay its $251 million debt to Bumi ahead of schedule, Investor Daily Indonesia reported, citing a statement from Bumi Plc. Recapital, through PT Bukit Mutiara, will pay $125.5 million in 2012 and the rest in 2013, ahead of the debt’s maturity in 2015, the report said. Bumi will use the payment from Recapital to reduce debt, Bisnis said. Bumi fell 2.2 percent to 2,200 rupiah.

PT Multistrada Arah Sarana (MASA IJ): The tire producer plans to invest 3 trillion rupiah ($332 million) to expand into the rubber plantation business as it seeks improved access to raw materials, Investor Daily Indonesia reported, citing President Director Pieter Tanuri. Multistrada retreated 1.9 percent to 510 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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