Sep 5, 2011

Bapepam fines Krakatau IPO underwriters

Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) has imposed fines to eight underwriters which underwrote initial public offering (IPO) of the state-controlled steel maker PT Krakatau Steel Tbk (KRAS) as they have violated the regulation of the IPO allotment. 
Two sources familiar with the matter, as quoted by Bisnis Indonesia today, said the lead underwriters are PT D Sekuritas, PT B Securities, and PT M Sekuritas, while the syndicated underwriters are PT MPI Securities, PT S Sekuritas, PT UKH securities, PT BB Sekuritas, and PT MA Sekuritas.
"The fines has been determined on August 24 2011," the sources said.
According to them, B Securities has been fined Rp100 million, D Sekuritas and M Sekuritas have been fined Rp500 million each. The remaining five syndicated underwriters have to pay Rp50 million fines each.
Mandiri Sekuritas President Director Harry M. Supoyo, Bahana Securities President Director Eko Yuliantoro, and Danareksa Sekuritas President Director Marciano Hersondrie Herman are unreachable for comments.

Disclosure: No position at the stock mentioned above.

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