Merrill Lynch granted license

Merrill Lynch granted license

JAKARTA (JP): The Indonesian Capital Market Supervisory Agency (Bapepam) has granted PT Merrill Lynch Indonesia a license to underwrite and trade Indonesian securities, and act as an investment manager, the company announced here yesterday.

"It is the first majority-owned U.S. securities firm getting such a license from Bapepam," the company said in a statement.

The company will offer a wide range of Merrill Lynch's institutional services to the Indonesian market.

In 1994, Merrill Lynch provided advisory services for PT Indosat's initial public offering. Last year, it acted as a global coordinator for PT Telkom's initial public offering.

PT Merrill Lynch Indonesia is a joint venture company formed by Merrill Lynch International Holdings Inc. (owning 80 percent) and PT Persada Kian Pastilestari (20 percent), a subsidiary of the Hashim Group owned by Hashim Djojohadikusumo.

Merrill Lynch International claims to be the world's leading underwriter of debt and equity issues and the world's leading provider of cross-border financing and advisory services, as well as top-ranked securities and economic research.

Employing 44,000 people in 31 countries, Merrill Lynch's total assets and stockholders' equity exceed US$185 billion and US$6 billion respectively. Its total assets held in client accounts worldwide are approaching US$700 billion.

"Our decision to invest in Indonesia represents a strategic business decision based on a long-term view of the tremendous opportunities in the country. Indonesia is one of the key emerging markets in the world," president and chief executive of Merrill Lynch International, David H. Komansky said at the official opening of the joint venture company yesterday evening. (13)