DIA Holdings Overseas BV, the largest institutional investor in PT International Nickel Indonesia, sold its entire stake in the company.The shares dropped to a two-month low.
President Director Inco Arif Siregar admitted the transaction has occured.
DIA had owned 2.5 percent stake in PT Inco, as the company is known, making it the largest independent shareholder before the sale. PT Inco shares dropped 1,650 rupiah, or 3 percent, to
54,100 rupiah in Jakarta, the lowest since March 29. It fell as much as 4.4 percent earlier.
Cia Vale do Rio Doce bought International Nickel's parent for C$19.4 billion ($18.1 billion) in January. Nickel futures in London have more than doubled in 12 months, rising to a record on May 9.
Wednesday, May 30, 2007
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