State-owned asset management company PT PPA has announced a plan to sell its stake in 20 companies, including some banks, this year.
The asset sales are to meet the company's aim to contribute Rp1.5 trillion ($166.5 million) to the state budget this year, PPA secretary Renny O Rorong told the Investor Daily on Monday (5/3/07). Rorong said he is optimistic the company would reach the target.
He said PPA is selecting financial advisors to carry out the divestment program through a strategic sale and market placement.
He said the assets in the 20 companies are relatively small, thus it needs only one consultant to handle the divestment plan in a single package.