Nine companies ready to go public soon<\/p>\n
JAKARTA (JP): Chairman of the Capital Market Supervisory
\nAgency (Bapepam) I Putu Gede Ary Suta confirmed over the weekend
\nthat at least nine companies are now ready to go public with
\nestimated total offering funds of Rp 1.2 trillion (US$512
\nmillion).<\/p>\n
Putu told journalists here on Saturday that the companies are
\nnow in the last stage of initial public offering (IPO)
\npreparations, meaning they only need Bapepam's approval to
\nexecute their plans.<\/p>\n
The nine potential issuers include PT Ramayana (a retail
\ncompany), PT Pasar Raya (retail company), PT Citatah (marble
\nproducer), PT London Sumatra (plantation firm), PT Cahaya Kalbar
\n(specialty fats producer), PT Surya Dumai (plywood manufacturer),
\nPT Lippo Karawaci (property firm).<\/p>\n
The other two are PT Kedaung Sejati and PT Fistra Agung.<\/p>\n
Nine other companies have informally disclosed their intention
\nto go public this year, he added.<\/p>\n
Putu said that although there were no IPOs during the first
\nfour months of this year, 11 companies raised funds of up to Rp
\n3.4 trillion through the Jakarta Stock Exchange (JSX) by issuing
\nrights shares, while another company issued bonds worth Rp 200
\nbillion.<\/p>\n
\"There are 11 other companies preparing rights issues to raise
\nfunds of about Rp 3.2 trillion and three companies to issue bonds
\nworth Rp 400 billion,\" he added.<\/p>\n
Putu said that as of May 24, total funds raised from the JSX
\nalready reached Rp 47 trillion, of which Rp 8.7 trillion was
\nraised between Jan. 1 and May 24.<\/p>\n
Putu also said that as of May 24, Bapepam received
\nregistration statements of eight contract-based mutual funds,
\nmost of which are managed by domestic fund managers.<\/p>\n
Bapepam, according to Putu, has licensed 55 local and joint-
\nventure fund managers.<\/p>\n
\"We will also issue four new regulations on mutual funds next
\nweek, together with one regulation on financial reports of listed
\ncompanies,\" he added.<\/p>\n
The planned regulations are aimed to adjust the current
\naccounting system with a new one adopted by the Indonesian
\nAssociation of Accountants (IAI) based on international
\naccounting standards.<\/p>\n
He said that in its efforts to promote the operation of mutual
\nfunds, Bapepam, in cooperation with the Indonesian Association of
\nSecurities Companies (APEI), will provide a short course for
\nmutual fund distribution agents.<\/p>\n
\"The participants of the course will be certified to act as
\nsalespersons of funds,\" he said.<\/p>\n
Putu also informed that of the 206 brokerage firms licensed by
\nBapepam, 55 will become joint-venture companies.<\/p>\n
Today, 39 joint venture securities companies are operating on
\nthe JSX and other two companies just got Bapepam's approval.<\/p>\n
\"We are now processing the applications of 14 local securities
\ncompanies to set up joint ventures. So there will be 55 joint
\nventure companies,\" Putu said.<\/p>\n
Commenting on the increasing number of joint-venture
\nsecurities companies in Indonesia, Putu said \"We cannot
\ndiscriminate between joint-ventures and locals. Our market is
\nopen to any party. But we hope that joint ventures also commit
\nthemselves to developing domestic inventors.\"<\/p>\n
\"They (joint venture companies) should also be ready to
\ntransfer their technology and to provide any kind of training
\nneeded to upgrade the capability of local personnel,\" he noted.
\n(alo)<\/p>",
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"sponsor": "Okusi Associates",
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