KL joins Ongko Group

KL joins Ongko Group

JAKARTA (JP): Malaysian stock-brooking company TA Enterprise Berhad acquired 49 percent of PT Ongko Multicorpora's shares in its subsidiary, PT Arya Prada Sekuritas, which it then renamed PT TA Ongko Securities.

Tony Tiah Thee Kian of TA Enterprise Berhad and the president of Ongko Multicorpora, Irjanto Ongko, signed the agreement on the acquisition in a brief ceremony here yesterday.

"The paid-up capital of the acquired company will increase to Rp 11 billion (US$4.7 million) from Rp 8 billion after this acquisition," Irjanto said, adding that its authorized capital is Rp 15 billion.

He said that TA Ongko Securities, which is engaged in underwriting and investment advisories, is expected to grow in line with the Indonesian capital market development.

Tony said that he is optimistic TA Ongko Securities will play in the regional capital market in the next two or three years.

TA Enterprise, through its subsidiary TA International, operates in the regional markets of Hong Kong, Australia, India, Sri Lanka and the Philippines.

"Last year TA Enterprise was ranked first in Malaysia by obtaining 10 percent of the capitalized market shares with a total market value of $148 million," said Tony. (kod)