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Indonesia Stock Movers: Bumi Resources, Indika, Vale Indonesia

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 (JCI) fell for a third day, dropping 0.5 percent to 3,955.45.

PT Bumi Resources (BUMI IJ), Indonesia’s largest coal producer, lost 2 percent to 2,475 rupiah. 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 yesterday. Bumi, whose shares sank 6.5 percent in London yesterday, owns 29.18 percent of Bumi Resources.

PT Indika Energy (INDY IJ), a coal producer, declined 1.1 percent to 2,325 rupiah, the lowest close since Jan. 9. Indika agreed to sell as much as 28.75 percent of unit PT Petrosea for 36,000 rupiah a share, or a total of 1.04 trillion rupiah ($116 million), the company said. That’s a 20 percent discount to Petrosea’s closing price on Feb. 1. Indika signed an agreement with the “initial purchasers” including Citigroup Global Markets Ltd. and Macquarie Capital (Singapore) Ltd. on Feb. 3, it said.

PT Vale Indonesia (INCO IJ), the nation’s biggest nickel producer, dropped 2.5 percent to 3,900 rupiah. A group of protesters burnt Vale’s camp in Morowali regency in Central Sulawesi yesterday, President Director Nico Kanter said in an e- mailed statement, confirming a report by Bisnis Indonesia. The stock also fell on concern last month’s 25 percent rally was excessive, said Ryan Ariadi Suwarno, an analyst at Kiwoom Securities Indonesia.

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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