Merrill Lynch says RI outlook exciting
Merrill Lynch says RI outlook exciting
JAKARTA (JP): Merrill Lynch of the United States sees Indonesia's privatization program as the most exciting development occurring in Asia today.
David H. Komansky, the company's president, described Indonesia, with its promising economic outlook and massive privatization program, as full of opportunities.
"With the establishment of PT Merrill Lynch Indonesia, we believe we will be well-positioned to contribute to the program," Komansky said at a dinner held on Monday night to celebrate the success of last October's US$1.1 billion privatization of PT Indosat.
Included in those attending the dinner were Minister of Finance Mar'ie Muhammad, Minister of Tourism, Post and Telecommunications Joop Ave and Indosat's president, Tjahjono Soerjodibroto.
Mitchell Shivers, president of Merrill Lynch Indonesia, Hashim Djoyohadikusumo and Al Njoo, respectively the president and a member of the joint venture's supervisory board, also attended the dinner.
Merrill, which acted as the global coordinator of Indosat's initial public offering, recently established a joint securities venture with PT Persada Kian Pasti Lestari as part of its business strategy to tap Indonesia's growing capital market, Komansky said.
The success of Indosat's simultaneous listing on the Jakarta and New York stock exchanges has been hailed by leading financial publications around the world. Asiamoney named Indosat the Deal of the Year. International Financing Review awarded it Best Asian Equity Deal of the Year while Euroweek's Asian capital markets poll listed the company as the Best Asian Equity Issue and the Best Privatization Equity Issue of 1994.
Komansky hopes future privatization will further raise the Indonesian profile in the world.
The Indonesian government is currently preparing the privatization of PT Telekomunikasi Indonesia (Telkom), the provider of domestic telephone services. Telkom, with about 45,000 employees, is likely to become the second state-owned company to be listed overseas.
Subsidiaries of two major state corporations, which are the electricity firm, PLN, and the oil company, Pertamina, are also high on the agenda in the government's privatization program.(hen)