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Bumi, Energi Mega, Medco, Tiga Pilar: Indonesia Equity Preview

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June 30 (Bloomberg) -- 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 rose 0.4 percent to 3,830.27. The market was closed yesterday for a public holiday.

Energy companies: Crude oil had the biggest two-day rally in seven weeks, advancing 4.6 percent to $94.77 a barrel in New York yesterday. PT Energi Mega Persada (ENRG IJ), Indonesia second-largest listed oil company, fell 2.4 percent to 200 rupiah. PT Benakat Petroleum Energy (BIPI IJ) rose 1.8 percent to 111 rupiah.

PT Bumi Resources (BUMI IJ): China Investment Corp. has asked Bumi to pay its debt in cash if the Indonesian coal producer exercises an option to settle the $600 million it owes ahead of schedule in October, Bisnis Indonesia reported, without saying where it got the information. Bumi President Director Ari Saptari Hudaya confirmed the company had requested a cash payment, the report said. Bumi, the nation’s largest coal producer, fell 0.8 percent to 3,000 rupiah.

PT Medco Energi Internasional (MEDC IJ): The country’s biggest listed oil company expects to raise $550 million through bank loans and bond sales this year to help fund expansion plans, Investor Daily Indonesia reported, citing Finance Director Syamsurizal Munaf. Medco was unchanged at 2,350 rupiah.

PT Tiga Pilar Sejahtera Food (AISA IJ): The company has won a tender to acquire a plant and the brand of a snack product owned by an overseas company, Investor Daily Indonesia reported, citing Yulianni Liyuwardi, corporate secretary at the Indonesian instant-noodle maker. The acquisition may contribute about 250 billion rupiah ($29 million) to Tiga Pilar’s annual revenue, the report said. Tiga Pilar rose 1.6 percent to 650 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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