Taspen pulls out of five companies

Taspen pulls out of five companies

JAKARTA (JP): PT Taspen, the state-owned company handling life
insurance and pensions for civil servants, has pulled out its
equity participation in five companies, says the top executive of
the company.

Taspen's president, Purwanto Abdulcadir, said here yesterday
that the pullout was in line with the company's program to reduce
its direct investments in other companies.

He did not explain the total value of its equity pullback but
said that it was part of Taspen's direct investment standing of
around Rp 581 billion (US$262 million), as of last December.

The five companies include Bukaka, Continental Carbon
Indonesia, Gunung Agung, Lami Citra, Rajawali Citra Televisi
Indonesia (RCTI) and Primarindo.

Purwanto said that Taspen's equity participation in 12 other
companies is being maintained as most of them still provide
significant dividends.

The 12 companies include Bank Kesejahteraan, Barito Pacific
Timber, Bhineka Melta Group, Intama, Marga Mandala Sakti, Multi
Anggana Garda, Pasaraya, Satria Balitama, Primarindo Finance,
Artaloka building, Arti Sangga and Puri Pancajasa.

As of last December, Taspen put seven percent of its total
investments of around Rp 8.3 trillion ($3.85 billion) into direct
investments.

Another 17 percent of the investments are placed in time-
deposits, 13 percent in bonds, nine percent in listed shares and
54 percent in Bank Indonesia's Certificates, short-term
commercial papers of the central bank.

Taspen's net profits, which significantly dropped to Rp 39.8
billion in 1993 from Rp 71.5 billion in 1993, rose slightly to Rp
51.7 billion last year. (hen)