PLN subsidiaries going public

PLN subsidiaries going public

BANDUNG (JP): President of PLN Kuntoro Mangkusubroto said the
state electricity company's subsidiaries PT PJB I and PT PJB II
were being prepared for initial public offerings.

Given the satisfactory performance of the two companies, PLN
planned to first list PT PJB I next year, followed by PT PJB II,
Kuntoro said in a seminar on Monday.

"Our goal is to turn these two companies into world-class
electricity operators in the coming three years." However, he did
not elaborate on their respective financial performance.

The subsidiaries manage several PLN power plants throughout
Java and Bali.

PLN, which handles the marketing of the electricity produced
by its subsidiaries and private companies, has projected losses
of Rp 4 billion (US$539,000) this year, mainly due to its
obligations to independent power producers. (25/bkm)