Indonesian Stock Movers: Bank Bukopin, Garuda Indonesia, Tiphone

Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the close in Jakarta.

The Jakarta Composite index slid 0.14 points, or less than 0.1 percent to 3,909.5, falling for a second day.

PT Bank Bukopin (BBKP) , an Indonesian lender, rose 4.8 percent to 660 rupiah, the highest close since Nov. 14. Bukopin plans to sell 1 trillion rupiah ($109 million) of subordinated debt in the first quarter to boost capital, Investor Daily Indonesia reported, citing President Director Glen Glenardi. Corporate Secretary Tantri Wulandari couldn’t be reached when called at her office.

PT Garuda Indonesia (GIAA) (GIAA IJ), the national flag carrier, gained 7.6 percent to 570 rupiah, the highest close since Feb. 18. Bisnis Indonesia reported the government has no objections to overseas investors buying a stake in Garuda. Pujobroto, a spokesman at Garuda, said he couldn’t immediately comment.

PT Tiphone Mobile Indonesia (TELE) (TELE IJ), which sells the local-branded Tiphone mobile phone, increased 4.8 percent to 325 rupiah on its trading debut. The company raised 410 billion rupiah in an initial public offering last week to help repay debt and fund working capital.

To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

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