Excelcom excluded from JSX calculation

Excelcom excluded from JSX calculation

JAKARTA: The Jakarta Stock Exchange has excluded cellular operator PT Excelcomindo Pratama from the bourse's main index calculation due to small number of the company's shares held by the public, a senior bourse official said on Thursday.

"We decided to exclude Excelcom from the main index calculation as it has a very small free float," JSX President Erry Firmansyah told Dow Jones Newswires.

At present the public only owns about 0.13 percent of Excelcom, the nation's third-largest cellular operator.

Excelcom sold 20 percent of its shares through an initial public offering late last month.

The Malaysian government's investment arm, Khazanah Nasional Bhd., bought 16.81 percent of Excelcom through the IPO. Other investors were AIF (Indonesia) Ltd., which owns 10.14 percent, Indocel Holding Sdn. Bhd. with 25 percent, and Indonesia's Telekomindo Primabhakti with 47.92 percent.

Erry said he will meet Excelcom's officials later this week to discuss the possibility of increasing public shareholding in the company. -- Dow Jones