Indocement, Bakrie, Bumi: Indonesia Equity Preview

(Corrects to say unit of Bakrie & Brothers in Bakrie item.)

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 fell 0.2 percent to 3,952.82.

Cement companies: Indonesia’s cement sales gained to 4.05 million tons from 3.52 million tons a year earlier, Investor Daily Indonesia reported, citing data from the country’s cement association.

PT Semen Gresik (SMGR) , Indonesia’s largest cement producer, rose 0.4 percent to 11,550 rupiah. PT Indocement Tunggal Prakarsa (INTP) , Indonesia’s second-largest cement producer, rose 1.7 percent to 17,800 rupiah. PT Holcim Indonesia (SMCB) , the nation’s third-largest cement producer fell 1 percent to 2,350 rupiah.

PT Bakrie & Brothers (BNBR IJ): PT Bakrie Power, a unit of PT Bakrie & Brothers, plans to build a 200 megawatt coal-fired powerplant in Sangata, East Kalimantan province, Kontan reported, citing President Director Ali Herman Ibrahim. The company may get 1 million tons of coal supply per year from Kaltim Prima Coal, the newspaper said. Bakrie & Brothers was unchanged at 50 rupiah.

PT Bumi Resources (BUMI) : The biggest shareholders in Bumi Plc have dropped a proposal for an extraordinary general meeting to depose board members including billionaire co-founder Nathaniel Rothschild. Borneo Bumi Energi & Metal Pte. Ltd., which has voting rights over 29.9 percent of London-listed Bumi, withdrew the plan following “very constructive” talks with two independent directors of Bumi, according to a statement from Borneo Bumi director Ken Allan yesterday. The proposal will now be considered at the next Bumi board meeting on March 26th, it said. The stock was unchanged at 2,475 rupiah.

To contact the reporter on this story: Femi Adi in Jakarta at fadi1@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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