Bakrie Telecom, Bank Rakyat, Garuda: 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 gained 1.3 percent to 3,938.84.

Metal producers: Nickel futures rose 2.1 percent to $19,505 a metric ton in London yesterday, the highest close since Oct. 31. Tin advanced 2.4 percent to $20,275 a ton. PT International Nickel Indonesia (INCO) , the nation’s largest producer of the metal, gained 2.2 percent to 3,425 rupiah and PT Timah (TINS) , the biggest tin producer, advanced 1.8 percent to 1,690 rupiah.

PT Bakrie & Brothers (BNBR IJ): The investment company raised 1.46 trillion rupiah ($159 million) selling 4.3 billion shares of PT Bakrie Telecom (BTEL) , or a 15 percent stake, at 340 rupiah apiece on Dec. 31, Investor Daily Indonesia reported, citing Bakrie & Brothers Director Sri Dharmayanti. Bakrie owns 29.95 percent of Bakrie Telecom after the sale, the report said. Bakrie was unchanged at 51 rupiah and Bakrie Telecom was unchanged at 255 rupiah.

PT Bank Rakyat Indonesia (BBRI) : Indonesia’s second- biggest bank by market value has allocated 300 billion rupiah to fund the acquisition of a brokerage and will seek shareholders’ approval in April or May, Kontan reported, citing Sofyan Basir, president director at the bank. Bank Rakyat climbed 0.7 percent to 7,050 rupiah.

PT Garuda Indonesia (GIAA) (GIAA IJ): Delta Air Lines Inc. denied a Bisnis Indonesia report yesterday that it may buy a stake in Garuda. “Recent reports that Delta is negotiating an investment in Garuda are incorrect,” said Trebor Banstetter, a spokesman for Atlanta-based Delta. Garuda jumped 9.1 percent to 540 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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.