OSO Securities (previously PT Kapita Sekurindo) is owned by Oesman Sapta Odang’s investment company. Osman Sapta Odang is a well-known name in politics. Recently, though, he’s not known for good news. He has been ousted from the chairmanship of the Hanura Party for allegedly embezzling Rp200 billion of the Party’s fund. Hanura’s Deputy Treasurer Beni Prananto, as per the order of Oesman, allegedly transferred the embezzled funds to OSO Securities, but Oesman claimed that his securities firm had intended to protect the funds instead. We’ve written extensively on the politics side of this story. In this article, let us revisit OSO Securities instead.
OSO Securities is an active member of the Indonesia Stock Exchange (IDX), and so its trading activities in securities for investment of its customers or clients are reported to IDX. We just noted that, based on OSO’s financial report for Jan-Sep 2017 period (9M), OSO Securities’ assets declined 13.2% to Rp158 billion with cash and cash equivalent dropping 40.4% to Rp28.5 billion. But its liability also dropped 46% to Rp46.3 billion, so OSO’s equity reached Rp116.5 billion—it grew 17%.
OSO also reported a profit balance of Rp7.4 billion being used for limited purposes, compared to profit deficit of Rp10.3 billion in 9M of 2016. OSO generated cash Rp32 billion from operation in the period, compared to used cash of Rp15.5 billion a previous year. But commission from securities trading only reached Rp334.4 million, compared to Rp19.3 billion it reported for 9M of 2016 period. OSO also reported cash used for investment of Rp13.2 billion during 9M of 2017 period.
OSO Securities booked a net profit of Rp14.9 billion in Jan-Sep 2017 period (9M), declined 6.2% from the same period of 2016. Revenues was flat at Rp44.9 billion. Income from securities trading reached Rp42.5 billion.
Along with the growing stock trading activities on IDX, OSO Securities also boosts its transaction. Per third week of January, OSO Securities has Rp47 billion of adjusted net working capital (MKBD). During 2017, its MKBD only ranged at Rp32 billion to Rp41 billion. OSO Securities’ total transaction surpassed Rp2 trillion per month since September of 2017. In October last year, OSO’s transaction reached Rp2.5 trillion. In 2017, OSO’s transaction reached Rp20.103 trillion, grew 21.2% from Rp16.58 trillion in 2016.
OSO Secutities is a strategic investment firm under OSO Group with PT Citra Putra Mandiri acting as holding company. Another investment firm of the Group is Citra Media Grafika. OSO Group also has other business such as property, transportation, agri business, and mining.
OSO’s property assets are Bloeming Bar and Restaurant, The Stones Entertainment Centre Legian Bali, Citra Putra Realty, Clay Hotel Jakarta, and Mahkota Hotel Singkawang. In transportation, it has Pelayaran Al Falah (cargo transportation and logistics services), Aero Bali Dirgantara (ground handling services company), and Enggang Air Service based in Halim Perdana Kusuma Airport (Jakarta).
OSO’s agribusiness entities are Aria Hijau Alam Lestari with 1500 ha planted area in West Kalimantan and Industri Perikanan Sukadana, fully integrated provider of fish, fish fillet, frozen shrimps, and other fish product, located at Teluk Batang Kayong Utara (West Kalimantan). In mining, OSO has Karimun Granite and Total Orbit Prestasi, with concession area of 64740 ha in Barito Utara (East Kalimantan).
DISCLAIMER: AUTHOR HAS NO POSITION IN STOCKS MENTIONED
By Yohannes Obor
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