Shares of Bumi Resources rose from IDR 720 to IDR 910 on Thursday, its highest level in seven months as the company has been plagued by problems with shareholders at Bumi Plc in London and a stagnating coal market. Moreover, the Bakrie Group is known as a highly controversial conglomerate.

In particular Indonesian market participants were enthusiastic about the split and bought Bakrie stocks. Other companies that are controlled by the Bakrie Group also benefited from investors' appetite. Bakrieland Development, Bakrie Sumatera Plantations, Bakrie Telecom and Bumi Resources Minerals all showed robust gains on Thursday.