Bakrie Securities returns

JAKARTA (JP): PT Bakrie Securities, a brokerage arm of the Bakrie Group, announced yesterday it had resumed operation on the Jakarta Stock Exchange after it was temporarily suspended due to inadequate net weighted working capital.

Company president Krisnaraga Syarfuan said in a statement that the company had disbursed some of its portfolio investment holding for total fresh funds of Rp 1.5 billion, above the required minimum level of Rp 700 million.

Krisnaraga said the firm was suspended because its net weighted working capital fell below the minimum level after one of its clients, also a securities house, failed to settle payment.

"With that happening, the board of directors has taken internal measures to prevent such an event from happening again, with improved risk management and conservative cash management," the firm said. (rid)