Jakarta teams elected as new SSX executives<\/p>\n
SURABAYA, East Java (JP): Isaka Yoga of PT Mashill Securities
\nwas yesterday elected new president of the Surabaya Stock
\nExchange (SSX), replacing Basirudin A. Sarida, who had served
\nonly one year of his three-year term.<\/p>\n
Meanwhile, Director General of Financial Institutions Bambang
\nSubianto was re-elected chief commissioner of the SSX, defeating
\nlocal contender Mohammad Noer, a local figure and former East
\nJava governor.<\/p>\n
\"So Jakarta teams won both management and commissioner
\npositions at the SSX,\" a source told The Jakarta Post yesterday.<\/p>\n
Both Isaka's team of directors and Bambang's team of
\ncommissioners were nominated by state-owned securities company PT
\nDanareksa, together with PT Indovest Securities, PT Pentasena and
\nPT Bhakti Investama.<\/p>\n
SSX spokesman Hardjosumitro said Isaka's team, consisting of
\nthree SSX executives, namely Marios M. Koetin, Muda Antartikawan
\nand Indra S. Hadikoesoemo, secured SSX chairmanship with 59 of
\nthe 112 eligible votes.<\/p>\n
Bambang's team of commissioners, consisting of Adrian Kiki
\nAriawan, Tito Sulistio, Moch. Zuhdi and Nurkhamid Akhmad, secured
\n69 votes, while M. Noer's team of commissioners got only 35
\nvotes.<\/p>\n
\"From the beginning, most of the shareholders have supported
\nIsaka's and Bambang's teams because they seem more professional
\nthan the others,\" Hardjosumitro said.<\/p>\n
The other contenders for SSX management included teams headed
\nby Basirudin and T. Umar Laksamana of PT Antaboga Securities.
\nUmar's team got 37 votes, while Basirudin's collected only 12
\nvotes.<\/p>\n
\"In contrast to Basirudin who intended to make the SSX an
\nalternative stock market, Isaka will keep the SSX complementary
\nto the Jakarta Stock Exchange,\" Hardjosumitro said.<\/p>\n
Isaka said earlier that it was futile for SSX to compete with
\nthe JSX. He said he would enforce the SSX as a bridging stock
\nexchange for medium-scale companies wanting to raise funds on the
\ncapital markets and eventually enter the JSX.<\/p>\n
Founded in 1989 as the country's first private stock exchange,
\nSSX has yet to perform. It booked total transactions of only Rp 5
\ntrillion (US$2.1 billion) last year, as compared to Rp 31.9
\ntrillion recorded on the JSX last year.<\/p>\n
The total trading frequency at the SSX was only 6,360
\ntransactions last year, compared to 602,000 transactions on the
\nJSX.<\/p>\n
Yesterday's SSX shareholders meeting also agreed to raise the
\npresident's basic salary to Rp 15 million from Rp 12 million a
\nmonth. Meanwhile, each of the three other directors will get Rp
\n12 million a month.<\/p>\n
The meeting also agreed to give a bonus equivalent to 10
\nmonths of salary to former SSX president Basirudin. (15\/rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jakarta-teams-elected-as-new-ssx-executives-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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