PT Amsteel to launch two mutual funds

JAKARTA (JP): PT Amsteel Securities Indonesia will launch two mutual funds by the end of the year.

Amsteel's director, Eric Y Nasution, said yesterday the company aimed to collect about Rp 200 billion (US$84.03 million) through the funds by offering about 200 million units.

"So each unit will have a value of Rp 1,000," he said.

Eric said the two funds would be invested in the fixed income and equity markets.

The first fund will be 80 percent invested in fixed income instruments and 20 percent in equities, while the other fund will be 80 percent invested in equities and 20 percent in fixed income instruments.

"The exact composition has yet to be defined," he said.

He said the company had proposed the two funds to the capital market supervisory agency and was waiting for a launch date.

He said the selling and redemption fees for the funds would be set at a competitive and simple level but "we are still working to define the right fee rates".

Amsteel Securities is 85 percent owned by Malaysia's Amsteel Capital Holding Bhd and 15 percent by SBU Sejahtera Bank Umum Group, in which Johny Basuki is the majority shareholder.

There are about 33 mutual funds in Indonesia.

The capital market supervisory agency has yet to approve some of the new mutual funds which will come on to the market soon, bringing the number of funds to about 50. (09)