17 firms to start scripless trading

JAKARTA (JP): Seventeen companies listed on the Jakarta Stock Exchange (JSX) will migrate to scripless trading beginning next week.

JSX management said on Friday that scripless trading on negotiated market would begin on Monday, on the spot market on Thursday, and on the cash market on Friday.

The 17 companies are PT United Tractors, PT Kedaung Setia Industrial, Bank CIC Int., PT Clipan Finance Indonesia, PT Panin Sekuritas, PT Kridaperdana Indahgraha, PT Asiana Multikreasi, PT Dharma Samudra Fishing Industries, Metrodata Electronics, PT Bentoel Int., PT Sona Topas Tourism Industry, Bank Mega, PT Trimegah Securities, PT Tirta Mahakam, PT Medco Energy, PT Sarasa Nugraha.

"With the migration of the 17 firms, trading and settlements will thereafter follow the regulations of scripless trading," the head for corporate evaluation, Supandi, said in a statement.

He said that once the firms opened their scripless trading on the spot and cash markets, bids and offers would be based on the prices at market from the preceding trading day.

In scripless trading, the certificates of ownership of the shares are kept in an electronic share account at the Indonesian Central Securities Depository (KSEI).

KSEI president Erry Firmansyah said investors holding stocks of companies, which have migrated to scripless trading, should also convert their share ownership into electronic accounts, if not, they would not be allowed to participate in trading activities

Erry said that next week's migration would be the last for this year, making a total of 48 firms to make the transition.

Others include PT Indofood Sukses Makmur, PT Indosat, PT Telekomunikasi Indonesia and PT Astra Internasional, PT Multipolar, PT Dankos Laboratories, PT Suparma and PT Sari Husada. (bkm)