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Indonesian Stocks: Garuda, Bakrieland Development, Unilever

April 24 (Bloomberg) -- 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 rose 0.4 percent to 4,170.35.

Bakrie Group-related companies: PT Bumi Resources (BUMI IJ), Indonesia’s biggest coal producer, gained 4.3 percent to 2,075 rupiah. PT Bakrieland Development (ELTY IJ), a property developer, advanced 3.4 percent to 122 rupiah. PT Energi Mega Persada (ENRG IJ), Indonesia’s second-biggest listed oil company, climbed 2.1 percent to 196 rupiah.

PT Bakrie & Brothers, an Indonesian family palm oil-to-property empire founded in 1942, needs to raise about $100 million in cash by the end of this week as loan collateral, a person familiar with the matter said. The news eased concern that the group had received a default notice, as earlier reported by the Financial Times, said John Teja, a director at PT Ciptadana Securities in Jakarta.

PT Garuda Indonesia (GIAA IJ), the national flag carrier, jumped 6.4 percent to 670 rupiah. PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas may raise about 1.5 trillion rupiah ($163 million) selling a 10.8 percent stake in the state-owned airline at a price of 620 rupiah to 650 rupiah a share, Investor Daily Indonesia reported, citing Pandu Djajanto, a deputy to the state enterprises minister. The transaction is expected to be completed by April 26, the report said. Djajanto didn’t return two calls to his mobile phone. Garuda President Director Emirsyah Satar and Finance Director Elisa Lumbantoruan said they’re not aware of the stake sale as the company isn’t involved in the process.

PT Unilever Indonesia (UNVR IJ), the nation’s biggest detergent maker, gained 1 percent to 19,500 rupiah. Unilever plans to build a $100 million plant in Sumatra to make sustainable palm-kernel oil, the Wall Street Journal reported, without saying where it got the information. Three calls to Unilever’s office in Jakarta weren’t answered.

To contact the reporter on this story: Berni Moestafa in Jakarta at

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

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