Panin Sekuritas to launch two mutual funds

JAKARTA (JP): Panin Sekuritas will launch two open-end mutual funds -- Panin Dana Optima and Panin Dana Maksima -- on April 15.

Panin Sekuritas' president, Made Rugeh Ramia, said yesterday Optima would offer about one billion trust units and aimed to collect Rp 1 trillion (US$420.16 million).

"So far total funds collected are about Rp 181 billion," he said.

The funds collected so far come from the fund's sponsors including Panin Bank (Rp 150 billion), Aneka Kimia Raya (Rp 5 billion), Sorini (Rp 10 billion), PSP (Rp 5 billion), Bank Surya (Rp 1 billion) and Bank Dagang Nasional Indonesia (Rp 10 billion).

Maxima will offer about 300,000,000 trust units and aims to collect about Rp 300 billion.

"Total funds collected so far are Rp 11.7 billion," he said.

He said most of this came from the fund's sponsors including Panin Bank (Rp 10 billion) Panin Securities (Rp 1 billion) and Rp 700 million from individuals.

"Our main target is Panin Securities' clients," he said.

Panin Securities' director, Hendra Sutanto, said 85 percent of Optima funds would be invested in fixed income instruments and the remaining 15 percent in equities.

"But the percentage is not fixed, it can be extended to between 70 percent to 90 percent in fixed income instruments." he said

He said Optima had a selling fee of 1 percent and a redemption fee of between 0.5 percent and 1 percent.

"If the investors sell within less than six months, the redemption fee is 1 percent,' he said.

If the investors wanted to sell their trust units after six months, they are exempted from the redemption fee, he said.

Seventy percent of Maksima would be invested in equities and the rest in money market, Hendra said.

The initial minimum investment for the funds is Rp 250,000 and for further investments Rp 100,000.

"That's a small investment and we aim to tap the small investors," Hendra said.

He also said Panin Securities plans to float about 75 percent of its capital on the Surabaya Stock Exchange in June.

He said about 33 million shares would be issued.

Panin Securities has a paid-up capital of Rp 5.5 billion and it plans to increase this to Rp 22 billion this year.

"Proceeds from the initial public offering will be used to increase our paid-up capital," he said.

The projected price earnings ratio would be announced soon, he said.

With Panin Securities' funds, there has been 35 open-end mutual funds offered in the market so far.

Bapepam officials said that some more funds, now on the waiting list, are expected to enter the market in the coming months. (09)