May 31 (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 slid 1.15 points, or less than 0.1 percent, to 3,917.92.
Energy companies: Crude oil for July delivery tumbled 3.2 percent to $87.82 a barrel in New York yesterday, the lowest settlement since Oct. 21. The contract was last at $87.69 a barrel in after-hours trading. PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, dropped 2.2 percent to 1,800 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, lost 1.9 percent to 156 rupiah.
PT Adaro Energy (ADRO IJ): Indonesia’s second-biggest coal producer signed an agreement to buy a stake in PT Bhakti Energi Perkasa under two options, it said in an e-mailed statement. Under the first option, it will provide a loan of up to $500 million to Bhakti Energi, and which may be converted into a 51 percent stake in the company, it said. Under the second option, it may acquire 79.8 percent of Bhakti Energi in exchange for 2.38 billion new shares in Adaro, it said. Adaro fell 1.2 percent to 1,590 rupiah.
PT Sampoerna Agro (SGRO IJ): The palm-oil producer has earmarked as much as 500 billion rupiah ($52 million) to expand its plantations by up to 10,000 hectares in the next four years, Investor Daily Indonesia reported, citing Head of Investor Relations Michael Kesuma. The company will expand plantations in South Sumatra, Central Kalimantan and West Kalimantan provinces, the report said. Sampoerna Agro declined 1.8 percent to 2,775 rupiah.
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