BEI Expects Listing Of BPII Stock Will Boost Trading

Jakarta, July 8 (Antara) - The Indonesian Stock Exchange (BEI) expects that the official listing of PT Batavia Prosperindo International Tbk`s (BPII`s) stock on the trading floor ahead of the presidential election will boost the capital market industry. "With the trading of BPII`s stock ahead of the presidential election, it is expected to draw investors and increase trading, so that the Indonesian capital market`s liquidity is well maintained," Director of Corporate Listing Hoesen stated here on Tuesday. He added that the company, which conducts business activities as a market maker and underwriter, can enhance the application of the principles of good corporate governance (GCG). "We will continue to remind all public-listed companies to adhere to the principles of GCG," he emphasized. BPII is a holding company with two subsidiaries, PT Batavia Prosperindo Securities and PT Batavia Prosperindo Asset Management, which focus on areas in the capital market. According to Director of Batavia Prosperindo Securities Paulus Handigdo, the total funds generated from the initial public offering (IPO) of BPII amounted to Rp75 billion. "The total funds generated from the IPO will be used for the company and operations of its subsidiary," he noted. Handigdo pointed out that 50 percent of the total funds from the IPO will be used to support the traders in Batavia Prosperindo Securities. He further added that the remaining 50 percent will be used to support the investment activities of Batavia Prosperindo Asset Management. Under the IPO, the company sold 150 million shares or 29.18 percent of the issued and fully paid shares. The stock comprised 75 million shares issued from the portfolio of new stocks and 75 million shares of Malacca Trust Limited as the selling shareholder for stock divestment.