JAKARTA: PT Minna Padi Investama, an investment company, denied to have violated rules while buying shares in the initial public offering (IPO) of PT Krakatau Steel (Persero) Tbk.Minna Padi President Director Djoko Joelianto confirmed that the company has no affiliation with Krakatau Steel. Moreover, the investment company directly distributes the shares to subscribing investors.According to the rules, each costumer gets one subscription form. But, the selling agent only provides limited form, so we put the companys name in the form and distribute the shares directly to the subscribing investors, he said.Djoko Joelianto added that there were 59 individual subscribers through Minna Padi. The number of shares obtained were 196,000 shares valuing IDR166 million.There might be investors making double bookings, who not only subscribed to us but also to other securities companies. So, there were double buyers, Djoko continued.Capital Market and Financial Institution Supervisory Board (Bapepam-LK) yesterday said that there are five securities companies, one of which is Minna Padi, allegedly making violations, since they were presumably affiliated and had no right to subscribe.(T04/NOM)
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