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)