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UPDATE 1-Indonesia bourse lifts suspension on 2 Bakrie firms

Mon Nov 17, 2008 10:57pm EST

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(Adds move in Energi shares)

JAKARTA, Nov 18 (Reuters) - Indonesia's stock exchange lifted on Tuesday its trading suspension on two firms in the Bakrie group, holding firm PT Bakrie & Brothers Tbk (BNBR.JK) and energy explorer PT Energi Mega Persada Tbk (ENRG.JK).

The bourse suspended shares in six companies owned by the family of Indonesia's chief social welfare minister, Aburizal Bakrie, on Oct. 7 after concerns about the group's debt exposure hit their shares.

The suspension on other Bakrie companies had been lifted earlier.

Bakrie & Brothers is trying to sell off assets, including in coal miner PT Bumi Resources Tbk (BUMI.JK) in order to repay debt of more than $1 billion.

Despite the removal of the trading halt, no trade took place in Bakrie & Brothers, but shares in Energi Mega dropped by their maximum daily limit of 10 percent to 315 rupiah each.

Bakrie & Brothers said on Monday that it was in talks to sell a 20 percent stake in energy explorer Energi Mega to Brentwood Ventures Ltd, a hedge fund, but declined to give any details about the buyer or terms.

The Bakrie group, with interests ranging from palm oil to property, announced the sale of a 35 percent stake in Bumi, Indonesia's biggest coal miner, at the start of November to private equity firm Northstar Pacific, but since then, Bumi's share price has slumped more than 50 percent, prompting talk that Northstar could either back out of the deal or try to renegotiate the price. (Reporting by Harry Suhartono; Editing by Ed Davies)



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