J Trust Co. Ltd Become a Public Company

Seeing the development of stock markets in Indonesia where the Composite Index could break the 5,000, J Trust no intention of becoming a private company. Investors from Japan, J Trust Co. Ltd. (A Trust) still plans to become a public company, although currently owns 99% of PT Bank Mutiara Tbk.

As a rule, a company listed on the Indonesia Stock Exchange must allocate at least 20% stake to the public. Currently the bank's 99% stake held by Trust A, and the remaining 0.996% is still held by the Deposit Insurance Agency (DIA), whereas another 0.004% owned by existing shareholders, both public and nonpublic.

"With the development of the stock market in Indonesia, which is fast enough, we do not plan to go private," said Representative Director and Senior Managing Director J Trust, Nobiru Adachi, DIA Office, Jakarta, Thursday, November 20th 2014.

Financial Services Authority (FSA) alone only allow J Trust to acquire 99% stake in Bank Mutiara, which is owned by DIA in accordance with the provisions of Government Regulation No. 29 of 1999. In fact, DIA has a total of 99.996% stake in Pearl Bank, and subject to the laws -undang to remove it all.

Earlier, Bank Indonesia when they regulate and supervise the banking industry has also issued rules Shareholding Commercial Banks in mid-2012, where new investors are restricted portion of its stake in the bank up to 20% for individual investors, 30% for investors in the form of a legal entity, and 40 % for investors legal entities engaged in financial services. However, this rule does not bind the banks that are in the DIA treatment, as was the case against the bank's.