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Monday, June 14, 2010

RI unready to join Asean Link: Bapepam-LK revises go public takeover regulation

Monday, 14/06/2010 00:00 WIB
RI unready to join Asean Link: Bapepam-LK revises go public takeover regulation

Irvin Avriano A.

JAKARTA: The unpreparedness factor of the authority, regulation, and securities profile inequality have made Indonesia hard to join the join cooperation among bourse authorities so-called the Asean Link project.

Committee Coordinator of the Indonesian Securities Company Association (Asosiasi Perusahaan Efek Indonesia/APEI) Lily Widjaja said she has not made any decision whether or not to join the Asean Link because it should ensure the preparedness of the cooperation here.

"There must be a better self preparation so as not to harm us. We need to ensure that we are favored due the existence of our expected added value. There are many things to improve prior to joining the Asean Link," said Lily to Bisnis yesterday.

Asean Link is the cooperation with the capital market authorities in Southeast Asia which could help ease securities and bourse of the country members to have direct transaction.

President director of PT Danareksa Sekuritas Marciano H. Herman said Asean Link has positive impact and yet negative to the capital market in Indonesia.

"The positive side is that broker from other country could have access to our capital market which could expand the consumer basis. Emitter listing is benefited with their more expansive market."

Marciano said prior to joining the Asean Link scheme, local broker should have equality with international broker.

"There have been many international brokers in Indonesia. Meanwhile, there is only less Indonesian broker abroad. The inequality should be taken into consideration."

He said if Indonesia decided to join with the business transaction through Asean Link scheme in the near future, it is likely to arise more negative impact because it might kill the local securities and broker.

"So far our securities and banks are difficult to open overseas branch offices. Meanwhile, there are many foreign securities and banks present in Indonesia. The point is that there must be equality first."

Bapepam-LK claimed its unpreparedness to join in the Asean Link among the other five other country members.

Chief of Bapepam-LK Ahmad Fuad Rahmany said the participation f Indonesia could be ensured when the market player and capital market authority of Indonesia have been able to compete against the other countries.

"Our securities are not yet capable (to compete with overseas securities) and therefore we should re-consider to join the Asian Link. If it benefits Indonesia in the short and long run, we will join then," he said last week.

He claimed to have proposed other Asean Link country members to review the participation of Indonesia capital market in the association is suspended through to 2013.

But now Bapepam-LK has not ensured the participation when the proposal was presented. "AT the time we said "maybe later in 2013', but it is just possibility."

One of the reasons is that it is intended to make the global capital market players feel at home and bolster their business domestically here.

Besides, the bargaining power of Indonesia as the large country with larger market potential serves as the one of higher bargaining powers than the other countries .

On the other side, Bapepam-LK tries to make efficient period of emitter major shareholding takeover drafted in the regulation revision as included in the Bapepam-LK revision draft IX.H.1 on the takeover of go public company.

Real Sector Company Financial Assessment Bureau Chief of Bapepam-LK Anis Baridwan said the regulation revision here is rather dealing with synergy of the XF.F.I revision on the tender offer of go public company.

"Both regulations need synergy. That is the point," he said to press last week.

Service Sector Company Financial Assessment of Bapepam-LK Noor Rachman added that the regulation revision also scrutinizes four conditions which bring about extension of book building period.

The four conditions here include the correction of stock exchange correction for three consecutive days, bourse closure, emitter stock exchange suspension, and riots or alike which potentially troubled the emitter operational and existence.

"It was never mentioned before. So the conditions for period expansion here is still awkward."

But both failed to detail the would-be changes made by the capital market authority in the regulation revision here. (Bisnis/10/iaa/faa)

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