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)