Bank Negara Indonesia, Bumi, Petrosea: 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 percent to 3,974.79.

PT Bank Negara Indonesia (BBNI IJ): The nation’s third- biggest state-owned lender plans to sell between $200 million to $500 million of subordinated debt in the second half of this year to boost its dollar reserves, Bisnis Indonesia reported, citing President Director Gatot M. Suwondo. Bank Negara Indonesia fell 4.2 percent to 3,425 rupiah.

PT Indika Energy (INDY IJ): The coal producer agreed to sell as much as 28.75 percent of unit PT Petrosea (PTRO IJ) for 36,000 rupiah a share, or a total of 1.04 trillion rupiah ($116 million), Indika said. The company signed an agreement with the “initial purchasers” including Citigroup Global Markets Ltd and Macquarie Capital (Singapore) Pte Ltd. on Feb. 3, it said. Indika fell 4.1 percent to 2,350 rupiah and Petrosea, a service provider to the oil and gas and mining industries, plunged 20 percent to 36,100 rupiah.

PT Bumi Resources (BUMI IJ): A proposal to replace Bumi Plc directors, including billionaire founder Nathaniel Rothschild, is aimed at strengthening the coal producer’s board and adding value for investors, shareholder Bakrie Group said. Bumi owns 29.18 percent of Bumi Resources. The stock fell 2.9 percent to 2,525 rupiah.

PT Astra International (ASII IJ): The company’s financing unit plans to increase the size of a planned bond sale this year to as much as 5 trillion rupiah from 2 trillion rupiah announced on Jan. 18, Investor Daily reported, citing a person it didn’t identify. The proceeds will be used to expand lending business for vehicle purchases, Astra Sedaya has said in a statement on Jan. 18. Astra, Indonesia’s biggest automotive retailer, dropped 2.2 percent to 77,000 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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