Minna Padi's IPO hampered by KS' investigation

JAKARTA: The initial public offering (IPO) of PT Minna Padi Investama was hampered by the investigation of five affiliated securities companies involved in PT Krakatau Steel Tbks share buying.Chairman of Capital Market and Financial Institution Supervisory
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News Editor - Bisnis.com 24 Desember 2010  |  03:39 WIB

JAKARTA: The initial public offering (IPO) of PT Minna Padi Investama was hampered by the investigation of five affiliated securities companies involved in PT Krakatau Steel Tbks share buying.Chairman of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) A. Fuad Rahmany said the IPO of Minna Padi can not be held until there is result from the investigation process that is currently conducted by the Bureau of Investigation.Fuad said the result of the investigation will determine the success of Minna Padi's IPO.Previously, the stock market authority announced that there are five affiliated securities companies are suspected of buying Krakatau Steel's stocks. However, the authority refused to reveal the names of the five selling agents. According to sources who are familiar with the case, the other four securities are PT S Sekurities, PT UKH Securities, PT BB Sekuritas, and PT MA Sekuritas.President Director of Minna Padi Djoko Joelianto at separate occasion said that he remains optimistic for the IPO to be held in the first half of 2011.Djoko confirmed the company did not make any purchasing agreement at the IPO of Krakatau Steel.Minna Padi received an allotment of 196,000 shares which have been distributed to 59 clients. Each client received one to 60 lots depending on the quantity of orders."It is only an administrative error. Share allotment is based on the percentage of client orders and all of them are not counted as a portfolio of Minna Padi. All of them are dedicated to clients only," Djoko said. (T03/NOM)

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