Merrill invests in Jababeka

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)