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Tuesday, June 22, 2010

6 investment managers agree for merger

Wednesday, 16/06/2010 00:00 WIB

6 investment managers agree for merger
Irvin Avriano A.

JAKARTA: The effort made by Bepepam-LK to put aside investment manager (IM) with limited capital less than IDR25 billion from the bourse has succeeded upon noting that six out of 99 IMs have merged.

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto said the merger is done along with the capital market authority to increase the requirement of capital placement for IM as from IDR5 billion into IDR25 billion.

Merger is the feasible option to fulfill the requirement of the minimum capital rise here. IM has adjusted to the condition. "Based on the report, there have been six (IM) companies merged but I forget their names," said Djoko in Jakarta yesterday.

Finance Ministry plans to apply new regulation stipulating the IM capital placement into IDR25 billion as required by the revision of Finance Minister Decree (KMK) No.179/010/2003.

The regulation revision so far is still in seeking market players input. But in the draft, it is mentioned IM proposing for new permit should prepare IDR25 billion capital as from earlier requirement of IDR5 billion.

Responding to the revision of new regulation, Bapepam-LK called IM to have self adjustment. The regulation will be enacted next year. Bapepam-LK then is encouraged to increase IM capital placement up to IDR15 billion.

Djoko also said the merger is one of the option for IM with less than IDR25 billion capital. The option for selling the license may not be done for Bapepam-LK prohibition.

IM license sell and purchase is still banned because new IM license is still under suspension since 2007 which will then be opened in quarter III/2010. But capital market authority still focuses on the licensed IM evaluation.

"We hope the evaluation of each IM will prevent from permit sell and purchase which causes the change of the responsible management to the company operational," he said.

Now IM with less than IDR25 billion capital participation is only one or two as reflected from the many companies issuing RDPT stipulating the IDR25 billion capital participation.

Djoko statement is against the data of the mutual fund information center fo Bapepam mentioning the 25 IM with less than IDR25 billion capital. But Djoko ensures the data is not fully updated yet. (Bisnis/iaa)

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