Survey calls Astra and Indosat best managed

Survey calls Astra and Indosat best managed

JAKARTA (JP): Car producer PT Astra International was the best
managed Indonesian company in 1999, followed by state
telecommunications company PT Indosat, according a survey
conducted by Hong Kong-based financial magazine Asiamoney.

Cigarette makers PT Gudang Garam and PT HM Sampoerna ranked
third and fourth in the category, followed by retail chain PT
Ramayana Lestari Sentosa in fifth place, the survey said.

The survey, the results of which are published in the current
December 1999-January 2000 edition, listed a total of 16 best
managed companies in Indonesia.

A representative of the magazine, Matthew Montagu-Pollock,
said the rating was based on polling conducted by the magazine
among its readers in the Asia Pacific region.

"We asked them a series of questions about which companies in
all the different Asian countries they think are the best managed
companies," he said here at the news conference arranged by PT
Danareksa Sekuritas.

He pointed out that the ratings did not reflect the opinion of
Asiamoney.

In total, Asiamoney surveyed 176 institutional investors, fund
managers as well as regional and international financial
executives from Asia, Europe and the United States, according to
Montagu-Pollock.

"This is based on the opinion of institutions and fund
managers in the Asia Pacific region," he added.

He said Asiamoney's readers were asked questions about the
companies' strengths, particularly concerning their investor
relations, corporate strategy and management.

The magazine also conducted the polling in a number of other
Asian countries, including China, Hong Kong, South Korea, Taiwan,
Malaysia, the Philippines, Singapore, Thailand, Australia, India
and Japan.

The survey also revealed that Astra was one of the 10 best
managed companies throughout Asia, while Indosat was in the top
20 of the best-managed company category, according to the
magazine.

Based on the survey, the 15,300-circulation magazine said
Astra was the only serious turnaround story Indonesia has yet
seen.

"Astra has reinvented itself. It kept its creditors on board
and the markets have noticed the difference. Astra is the most
compelling example of change," said the magazine quoting a
foreign securities analyst. (udi)