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UPDATE 1-Indonesia suspends shares in Bakrie group firms

Mon Oct 6, 2008 11:09pm EDT

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JAKARTA, Oct 7 (Reuters) - The Indonesia Stock Exchange suspended trading on Tuesday in shares of six firms controlled by the family of chief social welfare minister Aburizal Bakrie, including coal miner Bumi Resources Tbk (BUMI.JK).

Erry Firmansyah, the president director of the stock exchange, said via a mobile phone text message that the bourse had suspended trading pending clarification from the companies on a number of issues.

"It is not just Bumi, but all shares of Bakrie group companies because there is too much unclear information about them circulating in the market and we need to clarify it with them," Firmansyah told Reuters.

The stock exchange also halted trading in Bakrie & Brothers Tbk (BNBR.JK), Bakrie Telecom Tbk (BTEL.JK), Bakrieland Development Tbk (ELTY.JK), Bakrie Sumatra Plantations Tbk (UNSP.JK), and Energy Mega Persada Tbk (ENRG.JK).

Bumi announced late on Monday that it was seeking the approval of shareholders to buy back an additional 10 percent of its 19.4 billion outstanding shares.

The buyback plan, which would be on top of a 3 percent share buyback that was approved in June, came after the firm's share price plunged by nearly a third on Monday to 2,175 rupiah ($0.227).

The six suspended companies have a total market capitalisation of $7.5 billion, or around 5.5 percent of the Jakarta exchange's market value. (Reporting by Harry Suhartono, editing by Ed Davies)



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