Salomon, Bakrie tie up

Salomon, Bakrie tie up

JAKARTA (JP): Salomon Brothers, a major American investment
bank, and PT Bakrie Securities have agreed to establish a joint
venture that will engage in international capital raising and
financial advice.

Siddharta Moersjid, the communications manager of the widely
diversified Bakrie Group, said yesterday that the joint venture
is subject to certain conditions, which includes government
approval.

He said that the tie-up deal supplements a separate joint
cooperation agreement recently reached with Bakrie Securities.
Salomon Brothers supports PT Bakrie Securities in Jakarta in
providing assistance to Indonesian issuers wanting to raise funds
through foreign investors.

Bakrie Securities is wholly owned by the PT Bakrie Finance
Corporation, one of the Bakrie Group subsidiaries listed on the
Jakarta Stock Exchange.

The Bakrie Group, with total assets of around US$1.5 billion,
also operates in the infrastructure support business,
plantations, telecommunications, banking, insurance, money
brokerage, mining property and mass media.

Salomon Brothers has been active in Indonesia since 1990. It
has since acted as a financial advisor and lead manager to assist
in the raising of around US$4 billion in capital through project
financing, fixed income and equity transactions.(hen)