Jakarta teams elected as new SSX executives
Jakarta teams elected as new SSX executives
SURABAYA, East Java (JP): Isaka Yoga of PT Mashill Securities
was yesterday elected new president of the Surabaya Stock
Exchange (SSX), replacing Basirudin A. Sarida, who had served
only one year of his three-year term.
Meanwhile, Director General of Financial Institutions Bambang
Subianto was re-elected chief commissioner of the SSX, defeating
local contender Mohammad Noer, a local figure and former East
Java governor.
"So Jakarta teams won both management and commissioner
positions at the SSX," a source told The Jakarta Post yesterday.
Both Isaka's team of directors and Bambang's team of
commissioners were nominated by state-owned securities company PT
Danareksa, together with PT Indovest Securities, PT Pentasena and
PT Bhakti Investama.
SSX spokesman Hardjosumitro said Isaka's team, consisting of
three SSX executives, namely Marios M. Koetin, Muda Antartikawan
and Indra S. Hadikoesoemo, secured SSX chairmanship with 59 of
the 112 eligible votes.
Bambang's team of commissioners, consisting of Adrian Kiki
Ariawan, Tito Sulistio, Moch. Zuhdi and Nurkhamid Akhmad, secured
69 votes, while M. Noer's team of commissioners got only 35
votes.
"From the beginning, most of the shareholders have supported
Isaka's and Bambang's teams because they seem more professional
than the others," Hardjosumitro said.
The other contenders for SSX management included teams headed
by Basirudin and T. Umar Laksamana of PT Antaboga Securities.
Umar's team got 37 votes, while Basirudin's collected only 12
votes.
"In contrast to Basirudin who intended to make the SSX an
alternative stock market, Isaka will keep the SSX complementary
to the Jakarta Stock Exchange," Hardjosumitro said.
Isaka said earlier that it was futile for SSX to compete with
the JSX. He said he would enforce the SSX as a bridging stock
exchange for medium-scale companies wanting to raise funds on the
capital markets and eventually enter the JSX.
Founded in 1989 as the country's first private stock exchange,
SSX has yet to perform. It booked total transactions of only Rp 5
trillion (US$2.1 billion) last year, as compared to Rp 31.9
trillion recorded on the JSX last year.
The total trading frequency at the SSX was only 6,360
transactions last year, compared to 602,000 transactions on the
JSX.
Yesterday's SSX shareholders meeting also agreed to raise the
president's basic salary to Rp 15 million from Rp 12 million a
month. Meanwhile, each of the three other directors will get Rp
12 million a month.
The meeting also agreed to give a bonus equivalent to 10
months of salary to former SSX president Basirudin. (15/rid)