FORMULIR APLIKASI IPO SAHAM

FORMULIR APLIKASI IPO SAHAM ▪

Nama Saham / Emiten

: PT. ADI SARANA ARMADA TBK.

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Tanggal Penawaran Umum

: 30 Oktober s/d 5 November 2012 (pkl. 12.00 WIB)

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Harga Penawaran

: Rp. 390,- per saham

A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan)) 1.

Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan harga per saham (Rp. 390,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 5 November 2012 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.

2. 3.

4. 5.

4.

5. 6. 7. 8.

Nasabah mengisi Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar dan menanda-tanganinya. Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM yang masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat). Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah, iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran. Rekapitulasi Pesanan Nasabah berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 5 November 2012 pukul 12.00 Wib. Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter / Biro Administrasi Efek (BAE) jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada Divisi Corporate Finance (first come first served). Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan dipenuhi semua, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter). Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0 Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas) ▪

Nama & Kode Nasabah

:

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No. KTP. / SIM

:

▪

Alamat sesuai KTP. /

:

Kode :

SIM ▪

No. Telp./HP/Fax

:

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Alamat email

:

▪

Jumlah Pesanan

:

▪

Total Nilai Pemesanan

: Rp.

lembar

(

lot)

Tempat dan Tanggal : ....….…………,………….., …… Kantor Cabang / Sales :

Nasabah :

(…………………………………….)

(…………………………………….)

Nama & Tanda-tangan

Nama & Tanda-tangan

Adi Sarana Armada Tbk Phillip Securities Indonesia Research October 23, 2012

A

di Sarana Armada Tbk (ASSA) engages in car rentals, focusing on corporate customer base. The company’s car-rental products include long-term car-rental, known as ‘ASSA Rent’. At present, the company has 15 branch offices, eight operational points and two used car showrooms. Adi Sarana Armada is the second largest vehicle leasing company in Indonesia, with 10,000 vehicles in its fleet. ASSA has two subsidiaries, namely Duta Mitra Solusindo, or “ASSA Driver Services” and Adi Sarana Logistic, or “ASSA Logistic”. ASSA Rent provides long-term car rental service that includes packages with monthly period (at least one month) and annual rental. These services help corporate clients manage their transportation needs, including for operations and for transporting their management team. ASSA Logistic is intended to meet the needs of customers in supply chain management to provide qualified goods storage facilities. The company also have “Gallery Mobil”, that engages in trading (buying and selling) of high quality used cars in wholesale and retail scale. ASSA also has driver services, which were established to meet customer’s needs for drivers whom can operates vehicles rented from ASSA RENT or ASSA LOGISTICS.

Business Prospect As the largest archipelagic country in the world, with the total population amounting to 242 millions, the inadequate transportation facilities give a great momentum for the company to develop car rental business. The average economic growth in Indonesia, which is above 6%, and increasing purchasing power also provide supports to the business. The fact that there are only a few players in this line of business creates larger opportunity for ASSA to develop their business, particularly targeting corporate clients both in Java island and outside Java. The company’s targeted market includes commodities companies, manufacturers that use centralized procurement, and financial companies that count heavily on microloans. According to The Association of Indonesia Automotive Industries (GAIKINDO), total sales of new vehicles in 2011 are 894,164 units, 30% of which (268,250 units) were new vehicles purchased by corporations. Car rental companies add around 20,000 vehicles each year. Car rental business is at its early stage of development in Indonesia. This gives Adi Sarana Armada broad opportunities to develop their business. The concept of renting cars is not yet common in Indonesia, especially outside of the major cities. Upper-middle-income and upper-income families typically have their own cars, and employing drivers is not uncommon among wealthy Indonesians. Middle-income and lower-income families who find owning a car too expensive usually have motorcycles.

Phillip Securities Indonesia

23-Oct-12

Report date Exchange Sector Industry Sub-industry IPO Price Percent of Enlarged Capital Shares Offered

Indonesia Infrastructure, Utilities & Transportation Transportation Car - Rent IDR 360-600 40.03% 1,360,000,000.00 *Approximately 60% for fleet expansion *Approximately 30% for repayment of Bank Loans *Approximately 10% for Infrastructure and network Development PT Bahana Securities and PT Buana capital

Use of Proceeds

Underwriter Indicative Schedules Public Expose Bookbuilding Pricing Submit Additional Information to Bapepam-LK Effective Letter Obtained Offering Period

: : :

October 15, 2012 15 - 25 October 2012 25-Oct-12

: : :

30-Oct-12 2-Nov-12 6 - 7 November 2012

Allotment Distribution Listing

: : :

8-Nov-12 9-Nov-12 12-Nov-12

TP Rachmat and Family PT Plaza Auto Mitra Irwan Sudjono Management Pandristo Prasetyo Ginarto

: :

63.57% 12.54% 2% 22%

[email protected] 62-21-57900900

Vehicles Sales (Millions Unit) 433,341

2007

603,774

2008

764,710

894,164 945,000

483,548

2009

2010

2011

2012F

Source : Company & PSI

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision

Adi Sarana Armada Indonesia Equities Research October 23, 2012

When undertaking long-distance journeys, it is common for Indonesians to take buses or trains. Thus, the concept of renting cars is still a relatively new option. There are 160 car rental operators in Indonesia as of 2011, with the majority of them being medium-sized and small-scale players. There were less than ten large-scale car rental companies operating in Indonesia in 2011. Of these larger operators, three of them can be considered as key players: Adira Sarana Armada, CSM Corporatama and Serasi Autoraya. These three big players accounted for 64% of the total car rental transaction value in Indonesia in 2011.


As the idea of renting a car becomes more commonplace among Indonesian travelers — both leisure and corporate travelers — car rental businesses may experience higher growth in near future. For businesses, renting cars offers users the opportunity to avoid high maintenance costs occurring from owning a fleet of vehicles. For leisure travelers, Indonesians with large families may consider the option of renting cars during long-distance domestic trips, rather than purchasing numerous train or bus tickets. As such, car rental is set to notch double-digit transaction volume growth. Meanwhile, as car rental in Indonesia becomes more competitive, transaction value growth is set to lag behind transaction volume growth. The car rental industry in Indonesia has shown positive momentum and grew strongly in recent years. A growing economy, high levels of personal disposable income, increasing volumes of both domestic and inbound tourists, and increasing levels of economic activity are the key driving forces behind the increased demand in car rental industry in the country. Favorable government regulations also positioned the country as an attractive destination for foreign investment. The car rental industry registered a CAGR of 4.79%, valued at IDR 21.2 trillion in 2011. The industry is expanding and changing rapidly and is expected to grow at a CAGR of 7.97% in the coming years and to reach a value of IDR 30.9 trillion by 2016.

Source : Company & PSI Financial Overview In 2007, the company generated IDR 8.14 billion of revenue from used car sales, or 7% of the company’s total revenue that year, which reached IDR 122.8 billion, or only 4% of the total non-current assets in 2007 that amounted to IDR 211.9 billion. In 2011, used car sales have reached IDR 83.4 billion, grew 80% (2007 – 2011). However, the figure comprised just around 15% of the company’s total revenue in 2011 that amounted to IDR 1.2 trillion. The company’s performance can be affected by the country’s economic conditions. Its capability to rent out vehicles to customers can be strongly affected by economic growth, inflation rate and interest rate. For the last six months that ended in 30th June 2012, the company posted revenue of IDR 353.613 billion. During the said period, car rentals contributed IDR 236.959 billion of revenue, sales of used cars generated IDR 53.260 billion, logistic services put in IDR 39.320 billion, driver services generated IDR 23.179 billion, and auto pool service contributed IDR 890 million. The total revenue in the first half of 2012 rose 43% compared to the same period last year, during which the company generated IDR 246.666 billion of revenue. Revenue Contribution (IDR Billions)

Historical Revenue (IDR Billions) 567.0 306.0

Car Rental

6.62 5.46

8.01 13.63

392.0 247.0

2009A 2010A

2011A

1H‐2011

Used Car

15.337 26.711

Logistic Service

Driver Services

26.374 34.767 53.608

36.532 53.938 83.355

23.179 39.32

64.314

199.201

277.629

393.588

237.854

2009

2010

2011

Jun‐12

53.26

354.0 102.54

2007

157.37

2008

1H‐2012


Source : Company & PSI 2 of 8

Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

Adi Sarana Armada Indonesia Equities Research October 23, 2012 The increase in revenue was due to the increasing number of Unit in Contract (UIC) for long-term vehicle rents which rose 28% in 2H12 compared to the same period last year. The company generated IDR 392.378 billion of revenue in 2010, up 28% from the previous year which was IDR 305.563 billion, due to growing UIC from 4,292 units in 2009 to 6,011 units in 2010. In 2011, the company’s revenue also increased. Last year’s revenue was up 45% to IDR 567.413 billion, as UIC expanded to 7,946 units in 2011, and used car sales rose to 577 units. In the last six months of 2012, the company generated IDR 81.2 billion of operating profit, up 34% from the same period last year which was IDR 60.715 billion. Operating profit in 2011 totaled at IDR 139.491 billion. Net profit in 2010 grew 110% from - IDR 4.547 billion in 2009 to IDR 9.551 billion in 2010. In 2011, net profit increased slightly around 3% to IDR 9.876 billion.

Income From Operation

Net Profit 2009

2010

2011

139.4913

Jun‐12

98.3254 82.3196

9.876

9.551

2009 ‐4.547

2010

2011

81.2003

10.589

Jun‐12 2009

2010

2011

Jun‐12



The company’s assets in 2010 totaled at IDR 1,071.272 billion, increased IDR 359.759 billion from the previous year which was IDR 719.416 billion, due to growing fixed assets of as much as IDR 324.610 billion. The company’s asset in 2011 rose IDR 342.606 billion, or 32%, to IDR 1,421.781 billion, as fixed asset increased IDR 316.340 billion. Up to 30th June 2012, the total assets amounted to IDR 1,572.273 billion, up 11% or IDR 150.492 billion compared to that of December 2011. Total liabilities in 2010 was IDR 946.489 billion, rose about IDR 321.000 billion from the previous year, due to increasing short-term and long-term bank loans which totaled at IDR 291.514 billion. Liabilities in 2011 also rose, reaching IDR 1,229.230 billion, also due to increase short-term and long-term bank loans. In the first half of 2012, the company added bank loans of about IDR 117.399 billion, raising its total liabilities to IDR 1,369.134 billion, or up 11% from the second half of 2011.

Total Liabilities

Total Assets

1369.134

1572.273

1229.230

1421.781 946.489

1071.272 625.489

719.416

2009

2010

2011

2009

Jun‐12


2011


3 of 8


2010

Jun‐12


Total Equity 192.551

203.139

132.156 93.108

2009

2010

2011

The company’s equity amounted to IDR 132.156 billion in 2010, up 21% from the previous year which was IDR 93.108 billion, due to additional payment of capital of about IDR 17.089 billion and the decrease in retained earnings deficit of around IDR 21.959 billion. Equity in 2011 rose 46% to IDR 192.551 billion, also due to additional payment of capital of around IDR 50 billion and the decrease in retained earnings deficit of around IDR 10.406 billion. In the first semester of 2012, the company’s equity only rose slightly around 5%, or IDR 10.589 billion, to a total equity of IDR 203.139 billion, due to the decrease in retained earnings deficit of around IDR 10.406 billion.

Jun‐12


4 of 8



Income Statement (IDR Billions) Revenue Cost of Revenue Gross Profit Operating Expenses Income From Operation Income Before Tax Expense Tax Expense Current Deferred Total Comprehensive Income Net Income

2009 305.5629 -168.6438 136.9191 -57.1170 82.3196 9.4038

2010 392.3775 -234.9993 157.3783 -60.6208 98.3254 11.9415

2011 567.4126 -347.2716 220.1410 -86.9559 139.4913 23.7388

Jun-12 353.6132 -230.3002 123.313 -47.5816 81.2003 16.4781

0.0000 -13.9545 -4.5507 -4.547

0.0000 -2.3906 9.5509 9.551

0.0000 -13.8742 9.8647 9.876

-0.1478 -5.7418 10.5885 10.589


Estimation 2013 ASSA Locariza Rent a Car Zipcar P/E: Price / Earnings PBV: Price Book Value EV/EBITDA : Earning Before interest ,taxes,depreciation and amortization

P/E (x) PBV (x) EV/EBITDA (x) EPS GROWTH (2011-14E) P/CF*(X) PEG(X) 12.60 1.90 5.50 101% 5.5 0.1 18.00 4.40 7.90 17% 9.7 1 24.70 1.30 11.80 -244% N/A -0.1 EPS : Earning Per Share P/CF : Price / Cash Flow PEG : Price/Earnings to Growth


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Adi Sarana Armada Indonesia Equities Research October 23, 2012 Balance Sheet (IDR Billions) Assets Current Assets Cash and banks Trade Receivables Third parties Account Receivables Related parties Acount receivables Other Receivables Third parties other receivables Unbilled revenue Used Vehicles Inventory Prepaid expenses and other advances Prepaid value added tax Total current assets Non-current Assets Due from related parties Restricted time deposits Estimated claims for tax refund Deffered tax Assets Fixed assets Advances for purchase of fixed assets Deferred charges, net Other Assets Total non-current assets TOTAL ASSETS Liabilities Current Liabilities Short Term Loan Promissory notes payable Trade Payables Third Parties Related Parties Other Payables - Third Parties Unearned Revenue Taxes Payables Current Maturities Within a Year of Long Term Debt Bank Loan Other Borrowings

2009

2010

4.765729411

663

9.739127940

9.925606027

52.70679305 0.692548502

60.85595629 0.868317226

63.670990253 0.929495149

2.196818381 0.54270668 0 8.940808073 5.009241754 74.85464585

4.087926547 0.74051159 1.730680647 9.069319246 13.78121623 91.13392778

4.257037748 7.655765497 13.165485879 11.220260616 10.153471469 120.7916346

70.88118425 0.950545979 0 5.243440668 10.44648608 14.28084432 20.02988323 7.357861901 139.1158525

0 0.991809524 6.604309645

2 4 16.690 0.041 953.718 1.171 2.356 0.336 980 1071.272

5 3 17 0.147 1,270.058 0.281 4.486 0.449 1,301 1421.781

5.146 3.114538537 18.88354008 0.079253257 1387.375051 7.85 9.945 0.76385285 1,433 1572.273

629.1051325 5.414130479 2.240470089 0.205734926 644.5615872 719.416

2011

Jun-12

26.313901654 5.024006250 19.254575901 2.655612706 6.102478251 7.904397520 14.202934569 4.775802454

46.40261105 0 19.28795602 1.6169 10.16652286 19.01089757 31.8288071 2.352949418

15.559988869 30.695517802 0.030791650 11.498856239 24.567801566 19.288562714 1.048936573

40.5501957970 28.7894691570 0.165993573 14.044369064 20.187077084 37.864541036 1.455452711

94.999328504 13.933816341

172.6858234 10.62126976

212.124770805 1.478091913

194.638677091 -

TOTAL CURRENT LIABILITIES

195.1668542

313.9737372

Non Current Liabilities Long - Term Debt Net of Current Maturities Bank Loan Other Borrowings Deffered Tax Liabilities Employee Benefits Liability

400.9382467 13.49733493 12.61964863 3.266936176

609.3062275 2.180750119 15.05111468 5.977208176

TOTAL NON CURRENT LIABILITIES

430.3221664

632.5153005

912.9367176

625.489

946.489

1229.230

0.818955731

0.529912532

102.5 34.161 -43.54653489 93.114465113 -0.0062087

153.75 0 -21.58733961 132.162660390 -0.006282613

153.750000000 50.000000000 -11.181751896 192.568248104 -0.017297571

204 0 (1) 203.158045865 (0)

93.108

132.156

192.551

203.139

719.416232722 1079.175328022

1421.780986309

1572.273087733

TOTAL LIABILITIES The Excess of Net Asset Value of Subsidiary Over The Cost of Acquisition - Net Equity Capital Stock Authorized of shares Advance for Capital Subscription Deficit Equity Attributable to the Owners of The Parent Entity Non - Controling Interest TOTAL EQUITY TOTAL LIABILITIES & EQUITY

Source : Company & PSI 6 of 8


316.2933181

876.006176423 29.031447046 7.899094176

-

337.695775513

987.319156851 34.705458632 9.413225000 1,031.437840483 1369.134

-


Research Team | Telp: +62-21-57900800 | E-mail: [email protected] Armand Dharmasana Gunawan Sutanto Aditya Perdana Putra Pandristo Prasetyo Ginarto Venty Arnesya

Ratings for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months.

Ratings for Stocks: Buy : We expect this stock to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : We expect this stock to give total return of between -15% and 15% over the next 12 months. Sell : We expect this stock to give total return of -15% or lower over the next 12 months.

Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

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ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email : [email protected] Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id Jakarta Komp. Ruko Mega Grosir Cempaka Mas Jl. Let. Jend. Soeprapto Blok D No. 7 Jakarta, 10640 Telp. (62-21) 4288 5051 / 52; Fax. (62-21) 4288 5049 E-Mail: [email protected]

Mangga Dua Ruko Bahan Bangunan Mangga Dua Blok F1/8 Jl. Mangga Dua Selatan Jakarta 10730 Telp. (62-21) 6220 3589; Fax. (62-21) 6220 3602 E-Mail: [email protected]

Rukan Sentra Latumenten Jl.Prof.Dr Latumenten no.50 Blk AA 12 Jakarta, 11460 Telp. (62-21) 5694 1781; Fax. (62-21) 5694 1791 E-Mail: [email protected]

Roxy Pusat Niaga Roxy Mas Blok B2/2 Jl. KH. Hasyim Ashari - Jakarta Barat Telp. (62-21) 6386 8308; Fax. (62-21) 6333 420 E-Mail: [email protected]

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Taman Palem Rukan Malibu Blok H No. 23 Cengkareng, Jakbar 11730 Telp. (62-21) 5694 5055 / 5077; Fax. (62-21) 5694 5013; E-Mail: [email protected]

Sunter Jl. Mitra Boulevard Blok D No. 5, Sunter Jakarta, 14350 Telp. (62-21) 6530 2729; Fax. (62-21) 6583 7463 E-Mail: [email protected]

Kelapa Gading Jl. Boulevard Raya Blok WB2/27 Kelapa Gading, Jakarta Utara Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939; EMail: [email protected]

Citra Garden 2 Komp. Citra Niaga Blok A No.18 Citra Garden 2 - Kalideres, JakBar Telp. (62-21) 5436 0175; Fax. (62-21) 5436 0174

Puri Indah Puri Tirta, Kompleks Puri Kencana, Blok L6 No.88I Kembangan, Jakarta Barat Telp. (62-21) 58 00 999; Fax. (62-21) 58 300 999

Tanah Abang Pusat Grosir Metro Tanah Abang (PGMTA) Lantai 6, Jl.Fachrudin Tanah Abang - Jakarta Pusat 10250 Telp. (62-21) 30036745/46; Fax. (62-21) 30036748 E-Mail: [email protected] Central Java Purwokerto Jln. Perintis Kemerdekaan No. 38 Purwokerto - Jawa Tengah, 53110 Telp. (62-281) 626 899; Fax. (62-281) 891 150 E-Mail: [email protected]

Solo Jl. Veteran 140 / 2-3 Solo, Jawa Tengah Telp. (62-271) 655 567, 667 168; Fax. (62-271) 647 288 E-Mail: [email protected]

Semarang Jl. Karang Wulan Timur No. 2 - 4 Semarang Indonesia Telp. (62-24) 355 5959; Fax. (62-24) 351 3194 E-Mail: [email protected]

Tegal Kompleks Nirmala Square Blok C no.7 Jl. Yos Sudarso - Tegal 52121 Telp. (62-283) 340773; Fax. (62-283) 340774

West Java Komp.Paskal Hypersquare Blok C-21 Jl Pasirkaliki 25-27 Bandung Telp. (62-22) 8606 0690; Fax. (62-22) 8606 0765 E-Mail: [email protected]

Bali Jln. Melati No. 45 Blok E Denpasar - Bali, 80233 Telp. (62-361) 238 987; Fax. (62-361) 229 803 E-Mail: [email protected]

East Java Jln. Flores No. 11 Surabaya, 60281 Telp. (62-31) 501 5777; Fax. (62-31) 501 0567 E-Mail: [email protected]

Batam Kompleks Mahkota Raya Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 748 3117; E-Mail: [email protected]

Jambi Jln. GR. Djamin Datuk Bagindo No. 56A Jambi, 36142 Telp. (0741) 707 8260, 7555 699 E-Mail: [email protected]

West Kalimantan Jl. Teuku Umar Komplek Pontianak Mal C 23-24 Pontianak, Kalimantan Barat Telp. (62-561) 777 887; Fax. (62-561) 745 103 E-Mail: [email protected]

Lampung Jl. Ikan Tongkol No. 33 Blok 7-8 Teluk Betung - Bandar Lampung, 35223 Telp. (62-721) 474 234; Fax. (62-721) 474 108 E-Mail: [email protected]

Pojok BEI (Phillip Sec Ind. – Univ. Bandar Lampung – BEI) Jl. Z.A Pagar Alam No. 89 Bandar Lampung, 35141 Telp. (62-721) 771 695; Fax. (62-721) 770 261

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FORMULIR APLIKASI IPO SAHAM

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