State Enterprises Minister Sofyan Djalil said the government will complete the process of forming a holding company for 15 state plantation firms, including PT RNI, a state-owned sugar distribution firm, next month, Asia Pulse reported Thursday (6/3/08).
"We hope the process to form the holding company and prepare its initial public offering (IPO) will be completed in April 2008," the minister said.
The holding company will increase the combined equity of 15 state plantation enterprises from Rp30.03 trillion (US$3.3 billion) in 2005 to Rp62.27 trillion in 2009, an increase of 107.35%.
The holding company will comprise state plantation companies PTPN I to XIV plus PT RNI.
"We are now waiting for the issuance soon of a government regulation (PP) on the holding company," Djalil added.
The state's business in the plantation sector is run by 14 state-run companies and PT RNI whose combined net sales reach a value of Rp20.7 trillion.