Govt names seven more state companies to be listed this year<\/p>\n
JAKARTA (JP): State Minister of Empowerment of State
\nEnterprises Tanri Abeng published yesterday the preliminary list
\nof seven state companies to be publicly listed this fiscal year
\nand five publicly listed firms that will be subject to further
\ndivestment by the government.<\/p>\n
The companies being prepared for initial public offering
\n(IPOs) are PT Krakatau Steel (steel maker), PT Pelindo II and PT
\nPelindo III (port infrastructure and management), PT Jasa Marga
\n(toll roads) PT Perkebunan Nusantara Nusantara IV (oil palm
\nplantations), PT Tambang Batubara Bukit Asam (coal mining), and
\nPT Angkasa Pura II (airport management).<\/p>\n
The minister said the privatization program was part of the
\nreform package agreed between the government and the
\nInternational Monetary Fund (IMF) last week.<\/p>\n
\"We are still studying these 12 companies intensively. Before
\nApril 24, we will meet again with the President to ask for
\nfurther directions as to whether these companies are ready for
\npublic listing,\" Tanri said after meeting with President Soeharto
\nat his residence on Jl. Cendana, Central Jakarta.<\/p>\n
The government agreed with the IMF last week that a target of
\nseven new enterprises were to be identified for privatization in
\nthe 1998\/1999 fiscal year and the list would be announced before
\nApril 24.<\/p>\n
The transparent procedures will be established by June 30, for
\nthe divestiture and privatization in collaboration with the World
\nBank.<\/p>\n
\"The state firms do not have to offer shares directly through
\nan IPO. They could invite strategic partners for a private
\nplacement of between 10 percent and 20 percent of the firms'
\nequity,\" Tanri quoted the President as saying.<\/p>\n
The President maintained that the government should remain the
\nmajority shareholder in the seven companies to be privatized with
\na minimum shareholding of 51 percent.<\/p>\n
Tanri added that the government would make additional
\ndivestment in local telephone operator PT Telkom, satellite
\noperator PT Indosat, cement producer PT Semen Gresik, tin mining
\nfirm PT Tambang Timah, nickel and gold mining company PT Aneka
\nTambang. PT Bank Negara Indonesia was excluded from the
\ndivestment program list without any explanation.<\/p>\n
The minister underlined the government's commitment to carry
\nout the divestment and privatization transparently.<\/p>\n
\"Everything must be done in a transparent manner and as agreed
\nwith the IMF,\" Tanri stressed. (prb)<\/p>",
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"sponsor": "Okusi Associates",
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