Six large firms sell 3.4m shares to cooperatives<\/p>\n
JAKARTA (JP): Six private companies yesterday agreed to sell
\n3.4 million of their shares to 83 cooperatives in various parts
\nof the country.<\/p>\n
Minister of Cooperatives and Small Enterprises Subiakto
\nTjakrawerdaya said at a ceremony for the signing of the agreement
\nthat the government needs help from big companies to promote the
\ndevelopment of cooperatives and small enterprises.<\/p>\n
\"It's the government's right to ask something from them as
\nthey become big due to facilities given by the government,\"
\nSubiakto said.<\/p>\n
The six selling companies are PT Dharmala Sakti Sejahtera with
\n1.6 million shares, PT Dharmindo Adhiduta with 360,000 shares, PT
\nBerlian Laju Tanker with 71,000 shares, PT Citra Marga Nusaphala
\nPersada with 1.2 million shares, PT Ooysindo Eka Perkasa with
\n90,000 shares and PT Asuransi Harapan Pratama with 60,000 shares.<\/p>\n
Of the six companies, the first three are listed on the
\nJakarta Stock Exchange (JSX).<\/p>\n
Siti Hardiyanti Rukmana, president of Citra Marga Nusaphala
\nPersada, yesterday noted that the sale of shares to cooperatives
\nis in response to President Soeharto's call in 1990 that big
\ncompanies give attention and technical assistance to
\ncooperatives.<\/p>\n
Hardiyanti, also Soeharto's oldest daughter, emphasized that
\npartnerships of large companies with cooperatives and small
\nenterprises is necessary to spur the business of the smaller
\nones.<\/p>\n
\"Established entrepreneurs need to involve cooperatives and
\nsmall enterprises in their business by forging partnerships or
\nselling shares, not giving alms, to them,\" she said.<\/p>\n
Cooperatives<\/p>\n
Out of the 3.4 million shares, 40 percent were sold to
\nemployee cooperatives of six companies, 40 percent to village-
\nunit cooperatives and the rest to cooperatives of civil-servants
\nand members of the Armed Forces.<\/p>\n
The shares were offered at a nominal value of Rp 1,000 (U.S.
\n46 cents) each, although the actual value on the JSX might be far
\nhigher.<\/p>\n
\"We hope that the cooperatives will not sell what has become
\ntheir assets now, although the stock market offers a promising
\ncapital gain,\" Hardiyanti was quoted by Antara as saying.<\/p>\n
According to Subiakto, the shares were purchased by the
\ncooperatives on credit and can be paid off with 75 percent of the
\ndividends they generate every year. However, when the companies
\ndon't garner profits the cooperatives are not required to pay.<\/p>\n
When the companies profit, the cooperatives can use the other
\n25 percent of the dividends to strengthen their capital.<\/p>\n
Since President Soeharto made an appeal to 200 conglomerate
\nowners gathered in his Tapos ranch in West Java in 1990, there
\nhave been 175 companies selling 69.2 million shares to 1,711
\ncooperatives. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/six-large-firms-sell-34m-shares-to-cooperatives-1447893297",
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