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Tuesday, February 16, 2010

Pefindo intend to provide capital for PHEI IDR1 billion

Pefindo intend to provide capital for PHEI IDR1 billion

Tuesday, 16/02/2010 18:28:50 WIB
By Yuda Prihantoro (m14) & Irvin Avriano A.

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) intend to invest in the securities PT Penilai Harga Efek Indonesia (PHEI/Indonesia Bond Pricing Agency) worth IDR1 billion, thus potentially will have ownership in the institution of as much as 3.22%--3.33%.

Numbers of Bisnis source said the first securities appraisal agency was asking for self-regulatory organization (SRO) approval as PHEI's shareholder.

SRO consists of PT Kliring Penjaminan Efek Indonesia (KPEI), PT Bursa Efek Indonesia (Indonesia Stock Exchange/IDX), and PT Kustodian Sentral Efek Indonesia (KSEI).

"They have the intention to convey, and will be discussed by PHEI's shareholders," said one of the source to Bisnis this week.

Right now, the capital in PHEI stand for IDR30 billion which come from the SROs. KPEI, BEI, and KSEI owned 33.33% shares for each institution.

If PHEI issue new shares and sell it to Pefindo, the rating agency will have a 3.22% ownership in PHEI. But if the SRO sell one of their shares to Pefindo, then the credit rating company will have 3.33% stake.

When confirmed, Pefindo Presindet Director Kahlil Rowter can not justify or deny the value of the company's plan to raise capital of PHEI.

However, he confirmed the plan was submitted to the management of the first securities price appraisal company.

"The point is we want to participate in developing the corporate bond market, as the market still illiquid. The plan still remains a discourse that we studied until now."

According to him, he denied the intention to provide capital in a limited number showed no interest from Pefindo to PHEI. He said it is because Pefindo is still a small companies and because the nature of companies that do not have large amounts of capital.

Based on the regulations of Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) No.V.C.3 of Securities Price Appraisal Institute, non-financial institutions are entitled to have 20% stake of PHEI.

He considered IDX as Pefindo shareholders who also own shares PHEI not a problem because it only has a goal of capital market development and not merely the pursuit of profit.

PHEI Presindent Director Ignatius Girendroheru can not comment because it is a discussion on the level of their shareholders.

BEI President Director Ito Warsito not answering the cellular phone when he tried to be confirmed yesterday.

KPEI President Director Hoesen, can not comment because it is still meeting yesterday.

KSEI President Director Ananta Wiyogo said he had received a letter of interest from Pefindo related to its intention to be one of the PHEI's shareholders.

However, he said, shareholders have not met to discuss the options to issue new stock or sell owned share by the older shareholder.

"Not yet determined the choices, if we've met, we will discuss it and choose the options."

Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari, which supervising the rating agency, said she haven't heard the news.

However, he said, capital market authority is still studying the possibility of these two institutions together. "The complexity of shareholders is not the issue, but we will examine the two different licenses of the companies."

Transaction and Securities Institution Bureau Chief of Bapepam-LK Nurhaida said that there is no problem for PHEI to accept other shareholder.

"It is no matter, because PHEI's shareholder still the SRO. We are hoping that other market palyer will intend to support PHEI, but we try to explore the potential conflict of interest between the two companies."(m14/wiw)

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