PT Telkom listing gets approval

PT Telkom listing gets approval

JAKARTA (JP): The Indonesian Capital Market Supervisory Agency
(Bapepam) has approved the evening listing of PT Telkom shares on
the domestic capital markets on Tuesday, which will allow for a
simultaneous listing in New York and London.

A director of the Jakarta Stock Exchange (JSX), Stanislaus
Say, told the Jakarta Post here yesterday that in addition to
approving the evening listing, Bapepam instructed the JSX's
management to conduct a mock, or rehearsal, trading one day
before the listing day.

Telkom is now offering 1.16 billion shares, or 12.5 percent of
its enlarged capital, on the domestic capital markets. Another
2.56 billion stocks, or 27.4 percent, will be offered on overseas
markets.

Under Bapepam's letter No. S-1412/PM/1995, dated Nov. 9,
Telkom shares will be listed on the JSX and the Surabaya Stock
Exchange (SSE) from 9:30 p.m. to 11:30 p.m. in a special trading
session.

Furthermore, other stocks listed on the two bourses will be
traded during the same session to avoid miscalculation of the
Composite Index of the day.

All transactions in the third session can be settled on over
the following five trading days.

The JSX director responsible for trading activities, Mas Ahmad
Daniri, told the Post that there is actually no need to conduct a
mock trading because the bourse's computer system can accommodate
a large volume of transactions. (10)