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Wednesday, March 3, 2010

The indicative manipulator of Matahari stock price are local brokers

BI / bursa
3/3/2010
By: Irvin Avriano A.

The indicative manipulator of Matahari stock price are local brokers

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) indicates stock trading transactions PT Tbk Matahari Department Store (MDS) 28 brokers conducted in late December last year by a local broker.

"As I recall, almost all local brokers, they will be reviewed directly by the Bapepam-LK, there are indications of price manipulation, not insider trading," said Chairman of Bapepam-LK Ahmad Fuad Rahmany to business today. However, he refused to disclose the name of the principal securities trading are considered suspicious.

He describes the capital market authority had just met the Bank of Indonesia to explain and to synergies associated with MDS plans to sell shares by PT Matahari Putra Prima Tbk, also affect the banking industry.

The meeting was conducted yesterday (Tuesday) to mensinergiskan supervision because of the loan by MDS from PT Bank CIMB Niaga Tbk and Standard Chartered Bank, NA branch Indonesia worth Rp3, 25 trillion. The loan was used MDS shares as loan collateral. However, he declined to comment on the results of the meeting.

"Just ask the Bank of Indonesia first."

Head of Corporate Finance Valuation Bureau Service Sector Bapepam-LK Noor Rachman rate MDS shares acquisition transactions Matahari Putra Prima owned by Meadow risk of failure if the loans off the banks, and companies have no other funding sources.

"If they do not have the funding other acquisitions will be canceled, because more than half of the fund acquisitions, Rp2, 8 trillion, is the result of bank loans."

PT Reliance Securities Tbk Research Analyst Gina Novrina Nasution noted when there is no news of business development or business prospects of the issuer's, significantly the sudden price increase is unreasonable. He also considered the potential increase in stock prices can caused the value of those shares as collateral can be raised.

"If an issuer's stock price rose suddenly, certainly can affect the assessment if the stock will be used as security for loans," he said without want to be associated with a particular issuer's stock.

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