Bayan Resources, Medco, Pelat Timah: Indonesia Equity Preview
The following stocks may have unusual price changes in Indonesian trading. Stock symbols are in parentheses, and share prices are as of the last close.
The Jakarta Composite index advanced 1 percent to 3,659.99.
Oil producers: The government will cut income tax on sales of oil and gas blocks to help boost investment in the energy sector, the Jakarta Post reported, citing Syarifudin Alsyah, a director at the Finance Ministry. The tax on sales of oil and gas blocks that are still in the exploration stage will be reduced to 5 percent from 20 percent and for assets at the exploitation stage to 7 percent, the report said.
PT Bayan Resources (BYAN IJ): The Indonesian coal producer said it agreed to buy a controlling stake in Kangaroo Resources Ltd. Kangaroo Resources will issue shares to pay for nine coal areas that Bayan acquired from PT Ilthabi Bara Utama and Prime Mine Resources Ltd., which will help Bayan take control of Kangaroo Resources, it said in a statement. Bayan gained 4.7 percent to 17,900 rupiah a share.
PT Multifiling Mitra Indonesia (MFMI IJ): The Indonesian company that provides document management services will start trading today after selling 257.6 million shares at 200 rupiah each in an initial public offering last week.
PT Pelat Timah Nusantara (NIKL IJ): The Indonesian tin plate maker expects 2011 revenue to rise 15 percent to 1.5 trillion rupiah ($166 million) from this year on higher demand from food-packaging companies, Investor Daily Indonesia reported, citing Finance Director Erwin. Latinusa, as the company is known, will increase output to 115,000 metric tons next year from 105,000 tons this year, the report said. Latinusa advanced 1.2 percent to 425 rupiah.
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