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Energi Mega, Modernland, Multistrada: Indonesia Equity Preview

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Oct. 24 (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 fell 0.1 percent to 3,620.66.

Energy companies: Oil futures rose 1.6 percent to $87.40 a barrel in New York on Oct. 21. The contract was at $87.61 a barrel in after-hours trading. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, fell 2.3 percent to 2,100 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, increased 3.1 percent to 165 rupiah.

PT Modernland Realty (MDLN IJ): The property developer plans to raise 802 billion rupiah ($90 million) selling 3.2 billon new shares at 250 rupiah each in a rights offer, Investor Daily Indonesia reported, citing President Director Edwyn Lim. Modernland also plans to acquire PT Prisma Inti Semesta, PT New Asia Industrial Estate and properties in West Jakarta, according to the report. Modernland fell 1.9 percent to 255 rupiah.

PT Multistrada Arah Sarana (MASA IJ): A group of investors led by Northstar Pacific Partners will complete the purchase of an 18 percent to 20 percent stake in Multistrada for 706.25 billion rupiah, or 565 rupiah a share, at the end of this month, Bisnis Indonesia reported, citing people it didn’t identify. Multistrada, a tire producer, was unchanged at 520 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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