State pawn shop operator Perum Pegadaian is set to go public, saying it would prefer Indonesian investors buy its shares over foreign interests.
“The Indonesian investors know that many people still live in poverty. So they will not only be eager to earn big profits," Perum Pegadaian President Director Candra Purnomo told reporters during a public announcement on Thursday.
According to Candra, the company helps poor people, who usually borrow an average of Rp 100,000 (US$9.7).
"We hope we can still help those people after it goes public," he said.
Candra didn't elaborate as to when the company will go public, but said it has almost completed preparations for the plan.
"We are still waiting for an approval from the state minister for state-owned enterprises (BUMN) and the finance minister.
The company has more than 3000 branches throughout the archipelago and serves more than 16,000,000 costumers annually.
In 2008, the company made Rp 901 billion in profit. It has set a target of Rp 1.2 trillion for this year. (naf)