Daniri elected new president of JSX to replace Cyril Noerhadi

JAKARTA (JP): Members of the Jakarta Stock Exchange (JSX) elected on Thursday Mas Achmad Daniri as the exchange's new president, replacing D. Cyryl Noerhadi.

Daniri, previously a legal and trading director of the JSX, secured the position after beating his main rival for the post Avi Yasa Dwipayana, the president of PT Trimegah Securities.

Exchange members also appointed Harry Wiguna of PT Sinarmas Sekuritas, Frieda Hanafiah of PT Asia Securities, Umar Laksamana of PT Antaboga Sekuritas and Sihol Siagian, a senior official of the Capital Market Supervisory Agency (Bapepam) as new directors.

With the exception of Daniri, the former exchange's executive board were not reappointed.

Daniri said his priorities would be improving JSX back-office administration, the bourse's price quotation system, room space efficiency and other information technology.

Exchange members also approved earlier in the morning a proposal to acquire the essentially inactive Surabaya Stock Exchange (SSX).

Daniri said the JSX would acquire only productive assets from SSX, such as the newly developed software and hardware systems. All other assets will remain as SSX property, which will then be liquidated.

He said the acquisition is subject to approval from SSX members and Bapepam.

SSX members are scheduled to meet on April 23 to approve acquisition by the JSX on April 23.

"Well above 90 percent of JSX shareholders are also SSX shareholders. We should look for the same outcome on the vote for the acquisition plan at the next SSX shareholders meeting," Daniri said.

JSX also announced the revision of the exchange's stock listing system from a single-board to a two-board system.

Daniri said the exchange had received an approval from Bapepam to introduce two trading boards to allow small and less profitable companies to remain within the bourse.

He said the first trading board would trade companies with large assets, while the second one would be for companies with limited assets.

JSX members also agreed to a set of criteria to determine which companies would be listed on the first board and which ones would be on the second board.

Presently, there are 279 companies listed on the JSX. Over 30 companies are on a watch list for possible delisting because of their poor financial performance.

Criteria for first board

- Net tangible assets of at least Rp 50 billion;

- Pretax net profit of at least Rp 10 billion the previous year, and a minimum of Rp 15 billion net profit for the last two years combined;

- Paid-in capital of at least Rp 50 billion;

- At least 100 million listed shares, or 35 percent of the paid in capital with a weighted capitalization of Rp 50 billion.

- At least 500 shareholders with at least 500 shares each;

- and, been established for two years.

Criteria for second board

- Net tangible assets of least Rp 10 billion

- At least Rp 30 billion in total assets;

- Book profit in the previous calendar year;

- At least 50 million listed shares or at least 15 percent of paid-in capital with a weighted capitalization of Rp 25 billion;

- Paid-in capital of at least Rp 25 billion;

- And, at least 300 shareholders with at least 500 shares each. (02)