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Bentoel, Gajah Tunggal, Medco Energi: Indonesia Equity Preview

Sept. 8 (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 2.9 percent to 4,001.43.

Energy companies: Crude oil futures jumped 3.9 percent to $89.34 a barrel in New York yesterday, the most in four weeks. Oil was last traded at $89.71 a barrel.

PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, gained 4.2 percent to 2,500 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, rose 2.6 percent to 197 rupiah.

PT Gajah Tunggal (GJTL IJ): Indonesia’s largest tire maker plans to sell its entire 26.25 percent stake in PT Polychem Indonesia, Bisnis Indonesia reported, citing Catharina Widjaja, a director at Gajah Tunggal. The stock advanced 5.1 percent to 3,100 rupiah.

PT Bentoel Internasional Investama (RMBA IJ): British American Tobacco Plc, Europe’s largest cigarette maker, sold 13.3 percent of its stake in Bentoel to UBS AG for 737.61 billion rupiah ($86 million), or 760 rupiah per share, Investor Daily Indonesia reported, citing Neil Wadey, BAT’s spokesman. Bentoel, an Indonesian cigarette maker, gained 5.3 percent to 790 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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