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Tuesday, June 1, 2010

BNI Asset Management spin-off will be executed next semester

BI/exchange
04/23/2010
Irvin Avriano A.
Bisnis Indonesia
BNI Asset Management spin-off will be executed next semester

JAKARTA: Spin-off investment manager division of PT BNI Securities, which will be known as PT Bank Asset Management, plans to execute at the beginning of the 2nd semester 2010.

"Most likely early next semester, last week we just decided later BNI Asset Management will remain under BNI Securities," said President Director of BNI Securities, Eddy Siswanto when contacted earlier last month.

He said the timing was related to the general meeting of shareholders of the parent of BNI Securities, PT Bank Negara Indonesia Tbk (BNI) on May 12th. Thus, he said, the new company can make preparations to separate the subsidiary after the AGM that its business was conducted, although the idea of separation had been initiated last year.

After the AGM, continued Eddy, the company must also appoint the commissioners and directors. They are also going through a fit and proper test held by Bapepam-LK that also takes times.

He said BNI Securities is also still open chance to the other investors who want to increase the capital of the company. However, he said, until now there is no plan to offer shares because the company Asset Management BNI and BNI, as the parent company, still managed to inject capital into the company in the future.

"Later after the new company establish we will see again, if there is additional need for more capital, the door still open [for new investors]."

This year, the division of investment management companies are also still made mutual funds actively. Some investment products have been launched are Reksa Dana Terproteksi BNIS Proteksi XXI that collected funds amounting to IDR120 billion earlier.

"The product that tenured around 20 years, that is long enough, in accordance with the wishes of its investors," said BNI Securities Fund Managers Rohma Fitri Murniawati.

The length of the investment tenure, said Rohma further, reflect the short tenure of state bond prices which was its peaked in the secondary market. According to her, the company will also publish two other protected funds that will be named Reksa Dana Terproteksi BNIS Proteksi XXII and XXIII series with a total maximum target of IDR200 billion.

The company intends that the two new products have shorter tenures, under 5 years. She said the company also intends to create a special fund for retail government bonds (ORI/obligasi negara ritel) 007 series which intended to be launched by the governments at the beginning of the 2nd semester of 2010.

In the other matter, BNI Securities I/2007 bond rating worth IDR290 billion improved from level idBBB to level idBBB+ by the PT Pemeringkat Efek Indonesia (Pefindo). Its outstanding value was reduced from the initial value of the issuance of IDR300 billion due to repurchase of IDR10 billion at the beginning of last month.

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