NYSE expects more RI companies on exchange<\/p>\n
JAKARTA (JP): President, and chairman-elect of the New York
\nStock Exchange, Richard A. Grasso, expects more of Indonesia's
\nworld-class companies to follow the successful debut of PT
\nIndosat on the New York Stock Exchange.<\/p>\n
Grasso, on a business trip to Indonesia, said yesterday that
\naround 25 Indonesian world-class companies are qualified for
\nlisting on the New York Stock Exchange (NYSE), the largest stock
\nexchange in the world.<\/p>\n
\"We are anxious to help them raise capital and increase their
\nvisibility in the United States. In doing so, U.S. investors will
\ngain a better understanding of the Indonesian economy and its
\npotential,\" he said.<\/p>\n
He said the interest of U.S. investors to invest in Indonesian
\nsecurities is growing, following the successful debut of Indosat,
\nwhich listed its shares on the NYSE late last year.<\/p>\n
Grasso, who is leading a joint delegation of the NYSE and the
\nU.S. Securities and Exchange Commission, said the planned listing
\nof the state-owned PT Telekomunikasi Indonesia (PT Telkom) on the
\nNYSE by the end of this year could also receive a similar
\nresponse.<\/p>\n
The delegation's members, which also includes the commission's
\nchairman Arthur Levitt, paid a courtesy call on Minister of
\nFinance Mar'ie Muhammad, officials of the Capital Market
\nSupervisory Agency and the Jakarta Stock Exchange during their
\ntwo-day trip, which is part of their Asian tour including
\nSingapore, Malaysia and Taiwan.<\/p>\n
The delegation also held a meeting with Indonesian executives,
\nexplaining the benefit of listing on the NYSE and the growing
\ninterest of U.S. investors to invest in non-U.S. securities.<\/p>\n
Levitt said that the commission is ready to help Indonesian
\ncompanies, as well as those from other Asian countries, to get
\nlisted on the U.S. bourses.<\/p>\n
\"Non-U.S. companies, due to the difference in legal and
\naccounting standards, are allowed to submit a semi annual report
\nto the commission, instead of a quarterly report,\" he said of the
\nfacility provided to non-U.S. companies.<\/p>\n
The NYSE, with a total market capitalization of about US$4.9
\ntrillion, is the fastest-growing in terms of globalization,
\nhaving doubled the number of non-U.S. listed companies in the
\nlast five years to more than 200.<\/p>\n
Non-U.S. companies raised $9 billion in equity capital in the
\nU.S. markets in 1994. More than 75 percent of that amount was
\nraised by those listed on the NYSE.<\/p>\n
Grasso said that 52 non-U.S. companies, including Indonesia's
\nIndosat, joined the NYSE last year, bringing the total number of
\nnon-U.S. listings to 204, while the number of Asian companies,
\nexcluding the Japanese firms, is about 30 at present.<\/p>\n
Grasso, who will take over the NYSE leadership in June, said
\ngoing global was the only way for the U.S. capital market to grow
\nfaster because some of the 80 percent, of the 2,800 U.S.
\ncompanies that qualify, are already listed on the bourse. The
\nremaining 20 percent would be able to increase the NYSE's market
\ncapitalization by only nine percent. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/nyse-expects-more-ri-companies-on-exchange-1447893297",
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