Fri, 30 Jun 2000

Govt to divest up to 14% stake in Aneka Tambang

JAKARTA (JP): The government plans to further divest up to 14 percent stake in the state owned general mining company PT Aneka Tambang (Antam) in October either through the stock exchange or direct placement to strategic investors.

The plan is contained in the new 2000 master plan of state enterprises launched by the State Minister of Investments and State Enterprises Development Rozy Munir on Thursday.

Rozy said that the additional divestment of Antam was part of this year's privatization program aimed at raising some Rp 6.5 trillion (US$750.58 million) in proceeds to help finance the current state budget.

"The plan is still being processed," he said.

The government currently controls 65 percent of Antam, and the investing public controls the remaining 35 percent.

The master plan said that nine companies will be up for sale this year either through an initial public offering (IPO) or a direct placement.

According to the plan, one of the state owned companies, PT Kerta Niaga, will be liquidated.

The document didn't state the reason for the liquidation, but the government has said recently that loss making firms with no strategic role would be considered for liquidation.

The document said that the other state enterprises included for sale this year were as follows.

The government will divest between 10-35 percent stake in coal mining firm PT Tambang Batu Bara Bukit Asam in November. The lead underwriter is PT Danareksa Securities.

A 10-35 percent IPO of plantation firm PT Perkebunan Nusantara (PTPN) IV in July. The lead underwriter is Danareksa.

An IPO of 10-49 percent of pharmaceutical firm PT Indo Farma was held in August. The lead underwriter is PT Bahana Securities.

Fertilizer firm PT Pupuk Kaltim is slated for a privatization of 10-49 percent in September. The lead underwriter is Danareksa.

Plantation firm PT Perkebunan Nusantara III is in the process of preparations for a sale in October through a 10-35 percent IPO or strategic sales. This status is under process.

Airport operator PT Angkasa Pura II, which manages the Jakarta international airport, will have up to 14 percent sold in July or August to strategic investors. The lead underwriter is Bahana.

Pharmaceutical firm PT Kimia Farma is scheduled for a 10-35 percent sale in December. The lead underwriter is Danareksa.

Surveyor firm PT Sucofindo is slated for a 15-20 percent strategic sale in September. The lead underwriter is still being selected.

The document also said that several other state enterprises will be included in the waiting list for this year's privatization program.

This included a further sale of publicly listed tin mining firm PT Tambang Timah. The government plans to sell all of its remaining 65 percent stake in the company.

Other companies included telecommunications firm PT Telkom, in which the government plans to sell up to 14 percent stake in December. The government currently controls 65 percent of Telkom.

The government also has similar plans for the publicly listed international telecommunications firm PT Indosat. The government now owns 65 percent of the company.

Other companies included in the waiting list were retailer PT Sarinah, hotel and office building company PT Wisma Nusantara, financial holding of several strategic industries BPIS, and fertilizer holding company PT PUSRI, hotel and office building firm PT Perhotelan dan Perkantoran Indonesia, and hotel operator PT Jakarta International Hotel Development. (rei)