The five state-owned companies to go public are PT Industri Telekomunikasi Indonesia, PT Industri Sandang Nusantara, PT Industri Gelas, PT Semen Baturaja and PT Bank Tabungan Negara.
Jakarta (ANTARA News) - Chief economic minister Hatta Rajasa said five state-owned companies were ready to go public this year.

"Out of nine proposed and after being discussed five would conduct an IPO and right issue with some notes," he said after a coordination meeting to discuss privatization of state-owned companies here on Tuesday.

Hatta said the five state-owned companies to go public are PT Industri Telekomunikasi Indonesia, PT Industri Sandang Nusantara, PT Industri Gelas, PT Semen Baturaja and PT Bank Tabungan Negara.

He said PT Industri Telekomunikasi Indonesia has been agreed to issue new shares through strategic sales or acquisition of cooperation partners.

"We hope this, along with our other strategic state-owned companies, will help develop our national telecommunication industry," he said.

Hatta said PT Industri Sandang Nusantara and PT Industri Gelas have also been agreed to sell shares through strategic sales.

"Strategic sales are prioritized for state-owned companies that could manage the assets of PT Industri Sandang and PT Industri Gelas well and it will also be linked to a state-owned company`s subsidiary considered right for the acquisition scheme," he said.

PT Semen Baturaja meanwhile is expected to conduct an initial public offering of maximally 35 percent of its shares to raise funds to develop the company.

"Offers would be agreed after things relating to investment accounts and leasing of land belonging to PT Kereta Api Indonesia have been agreed," he said.

He said PT Bank Tabungan Negara is also agreed to conduct a right issue of between 12 and 24 percent shares.

Hatta said the government postponed the offering of shares of PT Perkebunang Nusantara (PTPN) VII because an IPO would only be agreed after the holding company is already running.

"The essence is PTPN will offer maximally 30 percent shares after the holding company is running," he said.

He said the government has also decided to postpone the IPO of PT Pegadaian because the pawnshop operator still has strong capital structure.

"We have other considerations in view of the business. There are things that the government is concerned of. The company does not only have a mission of making profit but also other mission that we have to pay attention to. So we will postpone it until the right solution is found," he said.

With regard to PT Kimia Farma he said it conduct a right issue after conducting a swap with PT Indo Farma so that the value of its shares would be stronger.

"There are shares that they can swap based on our recommendations. Only after that a right issue could be done. In essence we agree it may conduct a right issue but only after a swap is done," he said.

Hatta said there were now two of three state-owned companies that would soon go public.

"The President wishes more state-owned companies could go public so that the capital market would be motivated and we will find several state-owned companies that are feasible to conduct an IPO," he said.(*)

Editor: Heru Purwanto
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