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)