Bank Ekonomi (BAEK) is one of the ‘sleeping stocks’ on Indonesia Stock Exchange (IDX). Rarely traded, with average trading of less than 500 shares per day, Bank Ekonomi is interesting because of the big name of HSBC as controlling shareholder. In October 2008, HSBC announced the acquisition of around 89% shares of Bank Ekonomi from Wings Group for US$607.5 million or around Rp2452 per share. On Wednesday, Feb 26, Bank Ekonomi shares jumped almost 25% to Rp1935, but still below the price paid by HSBC five and half years ago.
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