Atlas, Bumi Resources, Medco Energi: Indonesia Equity Preview
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 (JCI) fell 1.9 percent to 3,783.88.
Energy companies: Crude oil futures gained to the highest level in more than three months, rising 2.1 percent to $97.78 a barrel in New York yesterday. Oil was last traded at $97.59.
PT Medco Energi Internasional (MEDC IJ), Indonesia’s biggest listed oil company, declined 2 percent to 2,425 rupiah and PT Energi Mega Persada (ENRG IJ), the second largest, lost 1.3 percent to 157 rupiah.
PT Atlas Resources (ARII IJ): Noble Group Ltd. has bought a 7.9 percent stake in Atlas Resources for $29.9 million, Noble said in a statement to the Singapore stock exchange. Atlas, a coal producer, dropped 3.3 percent to 1,460 rupiah.
PT Bumi Resources (BUMI IJ): Indonesia’s largest coal producer will refinance $150 million of debt soon, Investor Daily Indonesia reported, citing Director Dileep Srivastava. Bumi will refinance the debt using part of a $750 million loan it obtained from Bank of America Merrill Lynch, Deutsche Bank AG, Barclays Bank Plc and JPMorgan Chase & Co., the report said. Bumi fell 2.1 percent to 2,325 rupiah.
PT Jasa Marga (JSMR IJ): Indonesia’s biggest toll-road operator will allocate 40 trillion rupiah ($4.4 billion) over the next two years to build highways, including nine projects on Java and Bali island, Bisnis Indonesia reported, citing Abdul Hadi, business development director at the company. Jasa Marga fell 1.3 percent to 3,850 rupiah.
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