Indosiar stock price skyrocketing

Thursday, 29/04/2010 00:00 WIB

Indosiar stock price skyrocketing

Irvin Avriano A.

Bisnis Indonesia

JAKARTA:Stock price of PT Indosiar Karya Media Tbk skyrocketed by 25 percent from IDR300 into IDR375 per share unit on yesterday closing following the revocation of suspension imposed by the bourse authority since Tuesday.

The skyrocketing stock price of IDKM here confirmed that market still believed the plan of Trans Corp led by noted businessman Chairul Tandjung to acquire Indosiar despite the opposition argument on the rumor.

Research head of PT Bhakti Securities Edwin Sebayang said the rally of Indosiar stock price was based on the rumor on the acquisition of Indosiar. "The rumor is bolstered the prolonging pressures of Indosiar stock price," he said yesterday.

The rumor sparked assumption that the indebtedness of Indonesiar will be immediately recovered. Indosiar debt per December 31, 2009 stood atIDR857.88 billion with debt to equity ratio of 2.95 times.

In April 2010, INdosiar stock grew by 212.50 percent from the closing price early the month at the level of IDR120. this year, Indosiar stock rose by 237.84 percent from early year stock rice of IDR111.

Indonesia Stock Exchange suspended yesterday two emitters stock exchange of PT Eatertainment International Tbk and PT Dayaindo Resources International Tbk.

The suspension of Eatertainment started from 28 April was imposed following the mounting corporate stock price from IDR200 on April 21 into IDR450 on April 27.

Division head for transaction supervision of IDX Hamdy Hassyarbaini said the authority has been waiting for the corporate clarification dealing with the rumor that the company is on sales negotiation with the Rajawali Group. (Bisnis/iaa/10/bsi)