Sun Hung permit frozen<\/p>\n
JAKARTA (JP): The Capital Market Supervisory Agency (Bapepam)
\nhas frozen the operating license of PT Sun Hung Kai Securities
\nIndonesia.<\/p>\n
Bapepam said the company had failed to meet its obligation in
\nunderwriting PT Miwon Indonesia's initial public offering.<\/p>\n
The head of Bapepam's legal bureau, I Nyoman Tjager, said in a
\nstatement Wednesday night that the agency had also frozen the
\nworking licenses of six executives at Sun Hung Kai. They included
\nthree brokers, two stock underwriters and one investment adviser.<\/p>\n
The decision to freeze Sun Hung Kai's operating license was
\ntaken after a closed meeting between Bapepam officials and
\nexecutives of Sun Hung Kai and Miwon.<\/p>\n
Executives of both Miwon and Sun Hung Kai declined to comment
\non Bapepam's decision.<\/p>\n
Nyoman said Bapepam would restore Sun Hung Kai's license, and
\nthe working licenses of its six executives, when the company
\nfulfills its obligation to Miwon.<\/p>\n
Sun Hung Kai acted as lead underwriter for Miwon's public
\noffering late last month. It underwrote 21.55 million shares of
\nMiwon's 25 million offered shares on a full commitment principle.<\/p>\n
Only six million of the offered shares were sold but Sun Hung
\nKai failed to absorb the unsold shares.<\/p>\n
On the listing day, Oct. 31, Miwon shares dropped to Rp 1,450
\n(US$0.65) from its initial price of Rp 1,950.(rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sun-hung-permit-frozen-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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