A

chmad Hamami, one of the richest men in the country, made his capital market debut on Tuesday when PT ABM Investama (ABMM), one of his companies, officially floated its shares on the Indonesian Stock Exchange (IDX).

Achmad Hadiat Kismet Hamami, more popularly called Achmad Hamami, was relatively unknown until Forbes magazine listed him as the 10th richest man in Indonesia’s 40 richest list in 2011 recently.

The capital market debut is one of the most important steps in Hamami’s business, which began in 1970 when he established PT Trakindo Utama as the exclusive Caterpillar Equipment sales and services dealer in Indonesia.

ABMM’s debut on the stock exchange received a positive response from the market. The company’s shares closed at Rp 3,825 on Tuesday, a 2 percent increase from its public offering price.

“We are very proud of ABMM’s achievement today. ABMM, a part of Tiara Marga Trakindo [TMT] Group, which is built from a family business, is becoming a public company. We have a responsibility to be transparent, so that the public will be able to monitor us,” Hamami’s son Muki Hamami said during the listing event of ABMM’s shares on the Indonesian Stock Exchange (IDX).

Muki said that his family had decided to float ABMM’s shares on the IDX, as a part of TMT Group’s efforts to improve professionalism and practices of good corporate governance.

ABMM president director Andi Djajanegara said that the company expected that the initial public offering (IPO) would encourage the board of directors to work more professionally.

“ABMM’s listing today is a historical event for us. In the midst of a bearish market, ABMM’s shares were oversubscribed 4.12 times,” Andi said.

IDX corporate listing director Eddy Sugito praised ABMM’s decision to float shares on the bourse despite uncertainty in the global stock market.

“This is a brave step of a family which has a long track record in developing business in the country. I also appreciate Pak Muki for carrying out road shows and taking part directly to convince investors. Sometimes, people need commitment and visits from the owner,” Eddy said. (rcf)