Pos Indonesia to go public after reforms<\/p>\n
JAKARTA (JP): The state-owned postal service, PT Pos
\nIndonesia, plans to float some of its shares after completing a
\nseries of reforms by 2003.<\/p>\n
Company president Cahyana Ahmadjayadi said in a hearing with
\nthe House of Representatives yesterday that the company's reform
\nprogram would be divided into three phases.<\/p>\n
\"The first phase from 1995 to 1997 is the consolidation and
\nmodernization program, the second phase from 1998 to 2000 is the
\ngrowth program and the last one from 2000 to 2003 is the total
\nsolution program,\" he told House Commission V for transportation,
\ntourism, telecommunications and public works.<\/p>\n
He refused to disclose anymore information on the float.<\/p>\n
\"My job is to make the company perform better. It's not my job
\nto assess whether the company is ready or not to float its
\nshares,\" he told reporters during a break at the hearing.<\/p>\n
He said Pos Indonesia's profit had grown 4.5 percent and its
\nrevenue by 11 percent yearly for the last three years.<\/p>\n
PT Schroeders Indonesia securities analyst Willianto Ie told
\nThe Jakarta Post that Pos Indonesia's shares would be attractive
\nbecause the company had a nation-wide network.<\/p>\n
Cahyana said Pos Indonesia's profit had grown significantly
\nfrom Rp 37.13 billion (US$15.7 million) in 1990 to Rp 43.54
\nbillion in 1991 and Rp 50.03 billion in 1992. Its profit had
\nrisen further by 3.1 percent to Rp 51.61 billion in 1993 and by
\n1.8 percent to Rp 52.55 billion in 1994.<\/p>\n
He said Pos Indonesia had a profit of Rp 56.7 billion last
\nyear and expected to gain a Rp 67.89 billion profit this year.<\/p>\n
\"We have always gained unqualified opinions from the
\nDevelopment Finance Comptroller (government auditor),\" he said.<\/p>\n
Diversification<\/p>\n
According to data from the Ministry of Tourism, Post and
\nTelecommunications, Pos Indonesia has 29,000 staff, 4,798
\noffices, 3,272 vehicular service units and 8,654 service points
\nall over the country.<\/p>\n
The company handled 537.39 million letters within the country
\nlast year, and 59.02 million letters from overseas. In the same
\nyear, the company handled 21.17 million domestic money transfer
\ntransactions worth more than Rp 2.38 trillion.<\/p>\n
Besides its conventional mail service, the company has
\ndiversified into an Internet service called Wasantaranet.<\/p>\n
Pos Indonesia's chief of technology and information systems,
\nRosidi Wiradinata, told the Post that Wasantaranet covered 31
\ncities and served 47,500 users.<\/p>\n
\"Wasantaranet will cover 286 cities by July 1997. We will also
\noffer international roaming,\" he said.<\/p>\n
He said Pos Indonesia would make money from the Internet
\nservice.<\/p>\n
He said Pos Indonesia would next year introduce cyber-trading,
\nhybrid mail and other services.<\/p>\n
Cyber trading would allow people to buy goods through
\nInternet. Hybrid mail would allow Internet users to send messages
\nto their colleagues without computers. (icn)<\/p>",
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"sponsor": "Okusi Associates",
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