Reuters: Hot Stocks: STOCKS NEWS INDONESIA-Erajaya shares fall on stake sale

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STOCKS NEWS INDONESIA-Erajaya shares fall on stake sale Sep 21st 2012, 06:26 Fri Sep 21, 2012 2:26am EDT Shares in PT Erajaya Swasembada, Indonesia's top phone operator, fell as much as 10.8 percent on Friday after its biggest shareholder, PT Eralink International, sold stock worth about $49 million at a discount. Eralink sold 241 million shares at 1,950 rupiah each, a 10.3 percent discount from Thursday's price, putting the deal at 469.95 billion rupiah, according to a term sheet of the offering seen by Reuters on Friday. J.P. Morgan is the sole bookrunner for the offering. Erajaya, which was established in 1996, launched a $100 million IPO in December 2011. The stock has jumped 96 percent since then as demand for mobile phones from Indonesia's middle class is increasing in a country where handset penetration is relatively low at 58 percent. The stock was down 9.9 percent at 1,960 rupiah. The Jakarta Composite Index was down 0.17 percent. 1306 (0606 GMT)

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