Govt. considers IPO for pawnbroker
The government is considering turning the country's state-owned pawnbroker into a limited company ahead of a possible partial privatization, the Financial Times reported Monday (11/2/08).
Some 23 million Indonesians used Pegadaian last year to take out Rp23,300 billion ($2.5 billion) in loans ranging from Rp20,000 to billions of rupiah.
The company reported pre-tax profits of Rp610 billion in 2007, up 22% on 2006, which in turn was up 52% on 2005. In 2006 Pegadaian had assets of about Rp6,000 billion.
"Pegadaian certainly has great potential so we're keen to restructure it,” said state-owned enterprises minister Sofyan Djalil.
Last year Pegadaian began working with US financial services company Western Union to provide an additional outlet for Indonesian workers overseas to send money home.
Some 23 million Indonesians used Pegadaian last year to take out Rp23,300 billion ($2.5 billion) in loans ranging from Rp20,000 to billions of rupiah.
The company reported pre-tax profits of Rp610 billion in 2007, up 22% on 2006, which in turn was up 52% on 2005. In 2006 Pegadaian had assets of about Rp6,000 billion.
"Pegadaian certainly has great potential so we're keen to restructure it,” said state-owned enterprises minister Sofyan Djalil.
Last year Pegadaian began working with US financial services company Western Union to provide an additional outlet for Indonesian workers overseas to send money home.