By Berni Moestafa
March 12 (Bloomberg) -- PT Adaro Energy, Indonesia’s second-largest coal producer, rose the most among mining stocks in Jakarta trading after the company said it plans to buy a shipping service provider to reduce costs.
Adaro climbed as much as 2.6 percent to 790 rupiah and traded at 780 rupiah at the 12 p.m. local-time break, the biggest gainer among the 17 members in the Jakarta Mining Index. The Jakarta Composite index declined 0.2 percent.
Adaro may spend as much as $100 million to buy a barging and ship-loading company, the coal producer said in an e-mailed statement today. The acquisition will help the company reduce costs and improve efficiency, it said. Adaro will also maintain its 2009 coal production target at between 42 million tons and 45 million tons, the Jakarta-based company said.
To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net
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