BRMS drops after suspension
The Jakarta Post
The Jakarta Post
The stock-trading suspension on companies related to the politically wired Bakrie family was lifted on Friday: Trading saw one of the firms' share price plummet and the two other were unchanged.
Shares in PT Bumi Resources Minerals, which are traded under the code BRMS, plunged by 5.45 percent to Rp 260 (2 US cents) on Friday compared to closing price on Oct. 9 ' the day before the Indonesia Stock Exchange (IDX) imposed the suspension.
Shares in BRMS' parent firm, PT Bumi Resources (BUMI) ' the crown jewel of the Bakrie family ' were unchanged at Rp 485, after touching 3 percent lower at Rp 470 earlier.
The IDX suspended the trading of BUMI and BRMS' shares on Oct. 10, after the first announced it would swap part of its stake in the subsidiary to settle debts to the China Investment Corporation. Other points on the proposed settlement include a plan by BUMI to release a 42 percent stake in BRMS with the price set at Rp 268, which would add up to US$257.4 million.
Meanwhile, shares in property firm PT Bakrieland Development, which trades under the code ELTY, were unchanged at Rp 50 apiece on Friday, the lowest price allowed by the bourse. The IDX suspended ELTY after a creditor filed a legal suit against the company.
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