• Most Popular
  • Most Shared

Indonesia's Danamon has 8 pct of Bumi, Bakrie cuts

Tue Aug 19, 2008 9:27pm EDT

Stocks

   

JAKARTA, Aug 20 (Reuters) - Indonesia's fifth-largest bank, PT Bank Danamon Tbk (BDMN.JK), has a 7.99 percent stake in the Southeast Asian country's largest coal miner, PT Bumi Resources (BUMI.JK), a share registry statement showed on Wednesday.

The statement posted at the stock exchange also said that PT Bakrie & Brothers Tbk (BNBR.JK), the holding company of the Bakrie family, had reduced its holdings of Bumi to 7.44 percent from 15.55 percent previously.

The statement did not elaborate.

Bakrie & Brothers is controlled by the family of chief social welfare minister Aburizal Bakrie.

Bumi is the second-largest capitalised company on the Indonesia Stock Exchange with a market value of $10.5 billion.

Shares in Bumi have fallen by 43 percent since peaking in June, hit by a tumble in coal prices. (Reporting by Harry Suhartono, Editing by Ed Davies)



More from Reuters

No deaths in Jamaica American Airlines accident

MIAMI (Reuters) - An American Airlines Boeing 737 overshot the runway while landing in driving rain at the international airport in Kingston, Jamaica on Tuesday night, but the company said there were no fatalities or serious injuries.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
A condominium under construction is seen in Miami, Florida October 15, 2007. REUTERS/Carlos Barria

Booming in the bust

For most Americans, the housing market collapsed about four years ago. For three real estate heavyweights, it's just getting started.  Full Article 

Housing Market