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NEWS UPDATES 9 August 2010

CIMB may use dual-listing for Indo exchange

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Malaysian CIMB Group Holdings Bhd may become the first foreign company to have a dual listing on the Indonesian Stock Exchange (IDX), which is expected to see its first foreign listing before the end of 2010.

CIMB is one of a number of foreign companies that have expressed a keen interest in a dual listing on the Indonesian exchange, IDX trading and securities companies director Wan Wei Yiong said last week.

The other companies include another Malaysian business group, Malayan Banking Bhd (Maybank), and a number of Australian mining companies.

However, unlike CIMB, these companies had not made formal announcements of their dual listing plans, Wan said Speaking to reporters in Jakarta last week, CIMB CEO Nazir Razak said the group would be cross-listed on the Indonesian exchange as soon as the exchange was ready with the dual listing regulations.

"We are ready to list 100 percent of the CIMB Group's shares on the Indonesian stock exchange," Nazir said.

Both CIMB Group and Maybank have subsidiaries listed on the Indonesia stock exchange, namely PT Bank CIMB Niaga Tbk. (BNGA) and PT Bank Internasional Indonesia Tbk. (BNII).

The value of BNGA shares has increased by around 80 percent this year, outperforming the broader Indonesia stock exchange's 20 percent jump. BNII shares, meanwhile, have slumped by around 10 percent since the beginning of 2010.

BNGA and BNII have a total market capitalization of Rp 30.6 trillion and Rp 16.6 trillion. The Indonesian bourse has been among the best performing stock exchanges in Asia this year. The exchange's main Composite Index has rallied 17 percent since January, partly because of a sharp increase in foreign purchases.

The exchange is finalizing regulations that will allow foreign companies to post dual listings in Jakarta without first launching an initial public offering (IPO) in Indonesia.

An example of the new dual listings regulation can be found in the case of Indonesia's largest telecommunication firm, state-owned PT Telekomunikasi Indonesia Tbk. (TLKM), or Telkom. Telkom was listed on the New York Stock Exchange, without conducting an IPO.

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