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)