JAKARTA (Yosefardi) – Borneo Lumbung Energi & Metal (BORN) dropped 3.7% to Rp390 Friday (May 31). This is the lowest level since the company’s IPO in 2010.
More than 25 million shares were exchange hands as the stock declined to Rp390, higher than average trading volume of 16.8 million shares per day in the past three months. The stock has collapsed from as high as Rp1800 in early 2011.
Borneo Lumbung, controlled by former banker Samin Tan, is partner of Bakrie Group in Bumi Plc, whose trading has been suspended since fourth week of April 2013.
Borneo Lumbung and Berau Coal Energy, where Bumi Plc owns 85% shares, have yet to publish their 2012 financial results.