JAKARTA (Indonesia Today) – Once bigger than Bumi Resources (BUMI) in terms of market capitalization, small coal producer Garda Tujuh Buana (GTBO) lost another 8% of its value this morning.
The stock declined 8% to Rp3150. That means the stock has dropped more than 50% from its peak last September. The current price is also the lowest since late June 2012.
Garda Tujuh Buana, which produces less than 3 million tons of coal per annum, skyrocketed from below Rp100 in August 2011 to as high as Rp7000 in September 2012.
At the current price, GTBO has market capitalization of Rp7.87 trillion, bigger than Indika Energy (INDY), co-owner of third largest coal producer Kideco Jaya Agung, which produced over 25 million tons of coal per annum. (Indonesia Today)