Danareksa secures 46 percent of bond underwriting market
Nani Afrida, The Jakarta Post, Jakarta | Tue, 12/15/2009 2:02 PM
State investment company PT Danareksa revealed Monday that its subsidiary, PT Danareksa Sekuritas, had secured a 46 percent share of the bond underwriting market this year through servicing the issuance of bonds for ten big companies.
"We have secured 46 percent of a total market of Rp 21 trillion *US$2.24 billion* *in respect of* bonds issued this year," Danareksa president director Edgar Ekaputra told reporters at the signing of an MoU between Danareksa and the online trading service program Indonesia Market Quotes (IMQ), a subsidiary of state news agency LKBN Antara.
This year, Danareksa Sekuritas is the underwriter for several big companies issuing bonds, such as PT Bank Rakyat Indonesia, the country's second biggest state bank (covering the issuance of Rp 3 trillion of bonds), the state secondary mortgage facility provider PT Sarana Multigriya Finansial (Rp 600 billion) and the publicly listed lifestyle accessories retailer PT Mitra Adiperkasa (Rp 500 billion).
However, Edgar did not give details about next year's targets.
He agreed Danareksa had a bigger market share on issuing bonds rather than on buying and selling stakes.
"We are the underwriter for the PT BW Plantation initial public offering *IPO* this year. Even though *it was* only one company, the value reached about 55 percent *of Danareksa's stake handling business*," he said.
Local palm oil producer PT BW Plantation offered its 30 percent stake to the public in October.
The company sold its stake at Rp 550 per share, gaining fresh capital of about Rp 666.5 billion.
On Monday, Danareksa invited the Indonesia Market Quotes (IMQ) service to work together with it to provide online trading services. "It will display world stock exchanges on one screen," Edgar said.
The service will officially run in 2010 and will eye 30,000 users in the country during the next three years.
PT Danareksa targeted to net Rp 7 trillion in managed funds this year after it gained Rp 5.3 trillion by September 2009. Currently Danareksa's market share is 5 to 6 percent of the Rp 100 trillion of managed funds in the Indonesian mutual fund market.
