Shareholders endorse merger of bourses<\/p>\n
JAKARTA (JP): Shareholders of PT Bursa Efek Surabaya, the
\nmanager of the Surabaya Stock Exchange, endorsed Tuesday the
\nmerger of the company with PT Bursa Paralel Indonesia, the firm
\nmanaging the parallel or over-the-counter market in Jakarta.<\/p>\n
Bursa Efek Surabaya's president, Basjiruddin A. Sarida, said
\nafter a shareholders' meeting in Surabaya on Tuesday that the
\nshareholders proposed PT Bursa Efek Indonesia as the new name of
\nthe merged firms.<\/p>\n
\"The shareholders also proposed that the company should have
\nits headquarters in Surabaya,\" Antara quoted him as saying.<\/p>\n
Basjiruddin said the shareholders also hoped that the planned
\nBursa Efek Indonesia and PT Bursa Efek Jakarta, the manager of
\nthe Jakarta Stock Exchange (JSX), would coordinate the single
\nlisting of public companies and organize cross trading of shares.<\/p>\n
\"With the single listing and cross trading, Bursa Efek
\nIndonesia and Bursa Efek Jakarta will not compete against each
\nother except in the quality of services,\" Sarida said.<\/p>\n
Bambang Subianto, chief commissioner of Bursa Paralel
\nIndonesia, said after the company's shareholders' meeting in
\nJakarta on Monday, that the shareholders had assigned a special
\nteam to prepare to merge with Bursa Efek Surabaya within 60 days.<\/p>\n
\"If the team cannot form the merged market within 60 days, it
\nshould report and return the mandate to the shareholders,\" said
\nBambang, who is also director general of financial institutions
\nat the Ministry of Finance.<\/p>\n
Bambang acknowledged that a number of matters, especially
\nthose concerning the relationship between the planned merged
\nmarket and the JSX, were holding up the merger plan.<\/p>\n
He said Bursa Paralel Indonesia would prefer the relationship
\nto be complimentary, to serve small and medium-sized companies
\nand act as a bridge for those wanting to list on the JSX.<\/p>\n
However, informed sources at the JSX said that the Jakarta
\nexchange wanted its relationship with the merged exchange to be
\none of open competition.<\/p>\n
The sources said if the JSX accepted BPI's proposal for a
\ncomplementary relationship, the JSX would have to transfer dozens
\nof its clients, especially those categorized as small and medium
\nenterprises with paid-up capital of less than Rp 50 billion
\n(US$22.5 million), to the merged market. (riz)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/shareholders-endorse-merger-of-bourses-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}