Bapepam approves Salomon

Bapepam approves Salomon

JAKARTA (JP): PT Salomon Brothers Nusa Securities, a U.S.- Indonesian joint venture, announced yesterday that it has been granted a license by the Capital Market Supervisory Agency (Bapepam) to operate in Indonesia.

The company, which was approved by the Indonesian Ministry of Justice last November as a limited liability company, is a joint venture between Salomon Brothers of the United States and PT Bakrie Securities of the Bakrie Group, which is registered on the Jakarta Stock Exchange (JSX).

The company said in a statement that with the securities license, it is now authorized to provide financial analysis and guidance on international market practice to Indonesian companies.

"We are confident that the granting of this license will enhance our ability to provide Indonesian issuers with first-rate financial advisory services and access to global capital markets," the company's president, Bharat Parashar, said.

The statement said that Salomon Brothers has been active in Indonesia since 1990.

Salomon Brothers Nusa Securities will become the 24th joint venture securities firm registered on the JSX. Another American investment bank, Merrill Lynch, began its operation on the exchange in January. (08)