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