Tangerang to form holding company

TANGERANG: In an attempt to attract more foreign investors, the Tangerang regency administration has proposed that the regency legislative council establish Tangerang Development Incorporated (TDI) as a holding company to manage several regency-owned firms (BUMDs).

"TDI is expected to handle the BUMDs professionally and purely to serve the needs of the public," chief of the regency development planning body (Bappeda), Surnaya, said on Thursday.

He said as a holding company, TDI would be fully managed by private investors and professionals.

The regency administration now has eight BUMDs with businesses involved in electricity, natural gas and oil, tap water, warehousing services, land, sea and air transportation, roads, bridges, toll roads and seaports, telecommunications, trading and financial services, waste water and recycled garbage management.

Supervision of the holding company will be conducted by a special institution to be formed by the administration.--JP