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Jakarta Post

Bali United goes public, lists shares on IDX

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Tue, June 18 2019   /  02:42 am

An unusually cheerful atmosphere filled the Indonesia Stock Exchange’s (IDX) main hall on Monday morning, with people banging together red-and-white inflatable clapping sticks and blowing whistles as the trading bell rang, just as if it was the kick-off for a soccer match. It turns out they were not cheering on a soccer match, but they were the management, stakeholders, players and loyal supporters of soccer club Bali United FC, who had come to the IDX to celebrate the listing of the club’s management company, PT Bali Bintang Sejahtera, on the stock exchange. The company, listed under the appropriately chosen ticker code BOLA (the Indonesian word for ‘ball’), is the first ever sports club to make its shares available to be traded publicly on a bourse in Southeast Asia. It is also the second sports management firm to go public in Asia after China’s Guangzhou Evergrande Taobao FC...