JAKARTA: PT BNI Securities still focuses to hold an initial public offering (IPO) over the next three years although there is an issue of merge with PT Bahana Securities echoes.The company is still preparing the IPO over the next three years, in line with the agreement with SBI Securities, a Japan-based investor controlling 25% of the companys share, said President Director Jimmy Nyo.Yet, the IPO preparation is still at the earlier stage thus, the company is yet to determine the amount of share offered to public.We have not yet determined the offered stocks as we still focus to complete our business. With SBI Securities, we can expand our market to Hong Kong and Singapore, he added.He is fully aware that the IPO most probably delayed supposes the merger between BNI Securities and Bahan Securities is realized in advanced to such IPO. Yet, until now the company is yet to receive the certainty over that plan.If the merger takes place within three years (from now), possibly the IPO is delayed. We keep negotiating with SBI Securities. We will follow the instructions from our parent company, However, so far it is merely a notion as there has not been any official talks with us. It takes time I guess, he explained.Acquisition planAs previously acknowledged, the merger of those two state control securities sparked after PT Bank Negara Indonesia Tbk (BNI) intended to take over the share of PT Bahana Pembinaan Usaha Indonesia (BPUI).BNI is the parent company of BNI Securities while BPUI is the parent company of Bahana Securities.To avoid any double ownership over securities companies, BNI Securities and Bahana Securities are planned to be merged. In principle, such take over plan has also been approved by the Ministry of State Owned Enterprise Mustafa Abubakar. Yet, it has not been processed since the ministry is yet to receive any proposal regarding this corporate action.So far, Mustafa has not received any official proposal regarding that plan.Responding the acquisition plan of BPUI, BNI President Director Gatot Mudiantoro Suwondo said that the company has sent a letter to Ministry of State Owned Enterprises as for the time being it still waits for the ministrys instruction.Chief Financial Officer of BNI, Yap Tjay Soen also said that the official letter had been proposed since two months ago as the take-over is somehow in line with the merger plan between BNI Securities and Bahana Securities. (T02/NOM)
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