Market Eyeing Bakrie Group Shares
Monday, 20 November, 2006 | 16:33 WIB

Tempo Interactive, Jakarta: Capital market analysts have predicted that investors will be focusing on Bakrie group's shares after PT Energi Mega Persada Tbk controversially sold Lapindo Brantas Inc to a foreign investor.

There were also some analysts who have recommended that investors buy the shares selectively.

However, there were also some others who have evaluated that investors should avoid buying the shares.

Energi Mega is a gas and oil company affiliated with the Bakrie Group.

Since the Lapindo case emerged on 17 May 2006, the shares of the Bakrie group have dropped while other share prices have increased in line with the rise in the composite share price index.

During the last seven months, the shares of the Bakrie Group have fallen by an average of 20.52 percent.

Energi Mega's shares have suffered the sharpest decrease with 40.70 percent to Rp510 per share compared to the previous Rp800.

The share price of PT Bakrieland Develoment Tbk dropped by 36.96 percent to Rp145 per share compared to the previous Rp230.

PT Bakrie Sumatera Plantations Tbk decreased by 22.41 percent; PT Bakrie & Brothers Tbk, 18.42 percent; and PT Bumi Resources Tbk, 12.77 percent.

The only increase has been recorded by PT Bakrie Telecom Tbk with 8.11 percent.

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