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Indonesia Stocks: Clipan Finance, Medco Energi, Multistrada Arah

Aug. 23 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses and prices are as of the 4 p.m. Jakarta-time close.

The Jakarta Composite index rose 40.85 points, or 1.1 percent, to 3,880.46, the first increase in three days.

PT Clipan Finance Indonesia (CFIN IJ), a consumer financing company, fell 7.9 percent to 580 rupiah, the lowest close since April 6. Clipan said it plans to raise 585.7 billion rupiah ($68.6 million) from selling 1.17 billion new shares at 500 rupiah each in a rights offer in October to boost working capital. Selling new shares may dilute the stake of existing shareholders.

PT Medco Energi Internasional (MEDC IJ), the nation’s biggest listed oil company, advanced 2.1 percent to 2,450 rupiah. Crude oil for October delivery climbed as much as 1.9 percent to $86.06 a barrel in New York, extending yesterday’s 2.4 percent increase.

PT Multistrada Arah Sarana (MASA IJ), a tire producer, jumped 5.8 percent to 550 rupiah, the most since Aug. 3. The company plans to form a venture with a Japanese investor to develop 33,000 hectares of rubber plantations in East Kalimantan province, Investor Daily reported, citing an unidentified person. Multistrada President Director Pieter Tanuri couldn’t be reached when called at his office in Jakarta.

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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