Merrill invests in Jababeka

JAKARTA (JP): Merrill Lynch, a major American securities company, has bought 70 million shares, or 11.16 percent, of publicly listed industrial estate firm PT Kawasan Industri Jababeka.

President of Jababeka, Ismail Sofyan, said Merrill Lynch bought the shares from PT Mekar Sertajaya, one of the founders of the industrial estate developer, for Rp 3,075 a share through the Jakarta Stock Exchange.

Before the sale, Mekar Sertajaya owned 42.93 percent, or 134,640 million shares, of Jababeka.

Last year Merril Lynch also bought 62.8 million shares of Jababeka.

The sale was aimed at increasing public ownership of the company and accommodating foreign investors' interest in the company, Ismail was quoted by Bisnis Indonesia as saying. (aly)