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)