Economist welcomes Danantara plan to manage IDX shares

Jakarta (ANTARA) - Head of Research & Chief Economist at PT Mirae Asset Sekuritas Indonesia, Rully Arya Wisnubroto, has welcomed the plan for the Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia) to manage shares in PT Bursa Efek Indonesia (BEI), the Indonesia Stock Exchange.

“Demutualisation, yes, it will likely be under Danantara. I am very optimistic about Danantara because it is staffed by professionals,” Rully said when met in Jakarta on Tuesday.

Rully expressed hope that more initial public offerings (IPOs) from state-owned enterprises (SOEs) will take place in the future.

Regarding whether the IPO opportunities from SOEs are good or not, Rully said this would be assessed by Danantara.

“That is Danantara’s job (to determine SOE IPOs),” he said.

The demutualisation of the IDX is mandated by the Financial Sector Development and Reinforcement Law (UU P2SK), one provision of which allows PT BEI to be owned by three state institutions: the Ministry of Finance, Bank Indonesia, and Danantara Indonesia.

Danantara Indonesia has stated that it is preparing the process to acquire ownership of IDX shares.

Chief Investment Officer of Danantara Indonesia, Pandu Sjahrir, said the agency is currently in discussions with the Financial Services Authority (OJK) regarding the process of acquiring ownership of the IDX.

Pandu explained that Danantara’s ownership of the IDX will be carried out through PT Danantara Investment Management (DIM), with the share purchase forming part of Danantara’s investments.

President Director of PT Bursa Efek Indonesia, Jeffrey Hendrik, revealed that the exchange has gathered a number of potential investors who have expressed interest in owning shares in PT BEI following demutualisation.

He stated that the IDX is currently in discussions with the OJK and all shareholders to follow up on the interest from these potential investors.

Although there will be investor ownership of the IDX, Jeffrey assured that the independence of Indonesia’s capital market will be maintained, as mandated by the Financial Sector Development and Reinforcement Law (UU P2SK).

He also emphasised that the IDX supports and is committed to implementing the mandate of the UU P2SK regarding demutualisation.