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Indonesia Stock Movers: Adhi Karya, Metropolitan Land

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 gained 1.3 percent to 3,976.54.

PT Adhi Karya (ADHI) , the state construction company rose 1.4 percent to 740 rupiah after Investor Daily Indonesia reported the company’s plan to sell 1 trillion rupiah of bonds in the second quarter and use the proceeds to refinance a total of 500 billion rupiah of conventional and Shariah-compliant debt due July 2012 and to fund expansion, citing President Director Kiswodarmawan. Five calls to the company weren’t answered.

PT Metropolitan Land (MTLA) (MTLA IJ), the property development company jumped 6.1 percent to 260 rupiah, the highest close since Aug. 18. Metropolitan is seeking 400 billion rupiah of bank loans to fund two projects in Bekasi, West Java province, Kontan reported, citing Nanda Widya, president director at the company. Widya was in meeting when called at his office.

To contact the reporter on this story: Femi Adi in Jakarta at

To contact the editor responsible for this story: Darren Boey at

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