Indonesian stock exchange suspends Bakrie trading on stake sale rumours

31 Oct 2008

Indonesia’s stock exchange today suspended trading in shares of domestic mobile phone operator PT Bakrie Telecom, Reuters reports, amid media rumours about a planned stake sale in the company. In a statement the exchange said: ‘To avoid an unnatural movement of the shares the stock exchange decided to halt the trading in the company’s shares.’ The local Bisnis Indonesia newspaper carried a story claiming that Sinarmas Group plans to buy a 20%-60% equity stake in Bakrie Telecom at IDR200 per share. Reuters notes that the company’s stock last traded on Thursday at IDR67, and has lost more than 70% of its value in the last month. Bakrie & Brothers, which controls a 37% stake in Bakrie Telecom, has denied that it is looking to sell its stakes in the operator.

Indonesia, Bakrie Telecom (BTel)