Nine companies ready to go public soon
Nine companies ready to go public soon
JAKARTA (JP): Chairman of the Capital Market Supervisory
Agency (Bapepam) I Putu Gede Ary Suta confirmed over the weekend
that at least nine companies are now ready to go public with
estimated total offering funds of Rp 1.2 trillion (US$512
million).
Putu told journalists here on Saturday that the companies are
now in the last stage of initial public offering (IPO)
preparations, meaning they only need Bapepam's approval to
execute their plans.
The nine potential issuers include PT Ramayana (a retail
company), PT Pasar Raya (retail company), PT Citatah (marble
producer), PT London Sumatra (plantation firm), PT Cahaya Kalbar
(specialty fats producer), PT Surya Dumai (plywood manufacturer),
PT Lippo Karawaci (property firm).
The other two are PT Kedaung Sejati and PT Fistra Agung.
Nine other companies have informally disclosed their intention
to go public this year, he added.
Putu said that although there were no IPOs during the first
four months of this year, 11 companies raised funds of up to Rp
3.4 trillion through the Jakarta Stock Exchange (JSX) by issuing
rights shares, while another company issued bonds worth Rp 200
billion.
"There are 11 other companies preparing rights issues to raise
funds of about Rp 3.2 trillion and three companies to issue bonds
worth Rp 400 billion," he added.
Putu said that as of May 24, total funds raised from the JSX
already reached Rp 47 trillion, of which Rp 8.7 trillion was
raised between Jan. 1 and May 24.
Putu also said that as of May 24, Bapepam received
registration statements of eight contract-based mutual funds,
most of which are managed by domestic fund managers.
Bapepam, according to Putu, has licensed 55 local and joint-
venture fund managers.
"We will also issue four new regulations on mutual funds next
week, together with one regulation on financial reports of listed
companies," he added.
The planned regulations are aimed to adjust the current
accounting system with a new one adopted by the Indonesian
Association of Accountants (IAI) based on international
accounting standards.
He said that in its efforts to promote the operation of mutual
funds, Bapepam, in cooperation with the Indonesian Association of
Securities Companies (APEI), will provide a short course for
mutual fund distribution agents.
"The participants of the course will be certified to act as
salespersons of funds," he said.
Putu also informed that of the 206 brokerage firms licensed by
Bapepam, 55 will become joint-venture companies.
Today, 39 joint venture securities companies are operating on
the JSX and other two companies just got Bapepam's approval.
"We are now processing the applications of 14 local securities
companies to set up joint ventures. So there will be 55 joint
venture companies," Putu said.
Commenting on the increasing number of joint-venture
securities companies in Indonesia, Putu said "We cannot
discriminate between joint-ventures and locals. Our market is
open to any party. But we hope that joint ventures also commit
themselves to developing domestic inventors."
"They (joint venture companies) should also be ready to
transfer their technology and to provide any kind of training
needed to upgrade the capability of local personnel," he noted.
(alo)