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BNI Securities to go public by 2014

JAKARTA: State owned securities companies, PT BNI Securities, plans to list its stocks on Indonesia Stock Exchange in the next three years after Japan-based investor, SBI Securities, acquired 25% of its stock.BNI Securities commitment to go public happens

JAKARTA: State owned securities companies, PT BNI Securities, plans to list its stocks on Indonesia Stock Exchange in the next three years after Japan-based investor, SBI Securities, acquired 25% of its stock.BNI Securities commitment to go public happens to be one of the companys agreements with SBI Securities particularly to develop the company in the future, said BNI Securities President Director Jimmy Nyo. Yet, the company is yet able to project the exact stock percentage to be disposed by both companies as this plan is still carefully assessed.Prior to this, SBI Securities acquired 25% stocks of PT Bank Negara Indonesia Tbk, for IDR114 billion. The transaction value topped the initial bid at IDR112 billion.He further added that SBI representatives, serving as the bank's directors and commissioners, have undertaken due diligence test by Capital Market and Financial Institution Watchdog (Bapepam-LK) last weekend.Jimmy said that SBI will open the access for foreign investors through the branches of the Japan's online trading company in Hong Kong and Singapore.Such wide opened access enables BNI Securities to expand its marketing channels.Regarding BNIs plan to acquire the subsidiary of PT Bahana Securities, PT Bahana Pembinaan Usaha Indonesia (BPUI), Jimmy affirmed that he did not know the details.Yet, if the plan is realized, Bahana Securities and BNI Securities will be merged following a regulation that forbids dual ownership.On such occasion, BNI Securities Corporate Secretary Selly Adriatika said that the company projects its subsidiary PT BNI Asset Management to secure operating license as investment manager company from Bapepam-LK by the end of this month.According to future directors and commissioners of BNI Asset Management who have undertaken due diligence test, Selly said BNI Securities has allocated IDR40 billion to be calculated as paid-in capital.Jimmy said that the company has already had 13,000 active customers until now.The customers having Card Reference of Securities Ownership (AKSes) are 98% of the total customers. The daily transaction of BNI Securities is IDR200 billion, yet such amount declines over the last two months.Around 40% of such amount is contributed by online trading.Operating licenseSuch measure is taken as the company still awaits for the operating license for its investment manager.The company targets IDR160 billion revenue and IDR22 billion net income this year. Before SBI's acquisition was completed, the shareholders consisted of BNI (99.85%) and Employees Cooperative of PT BNI Securities (0.15%).Jimmy said that the company is yet to tap the underwriter business this year following the regulation on adjusted net working capital, obliging the company to have sufficient amount of capital to function as underwriter. (T02/NOM)

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