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30 January 2010

Indonesia to privatise five state-owned companies

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Indonesian State Enterprises Minister Mustafa Abubakar said five state-owned companies would be ready to go public this year, national news agency Antara reported.

"If all goes well, five state-owned companies will go public this year : four through initial public offerings and one, namely Pertamina (oil company), will go public but not be listed at the stock exchange," the minister said at his office here on Friday.

The four companies to conduct an IPO this year would include housing construction company PT Pembangunan Perumahan (PP), plantation company PT Perkebunan Nusantara III (PTPN) and steel company PT Krakatau Steel.

PT PP will likely be the first to go to the trading floor as the process is just awaiting share price fixing.

"PP`s shares have been confirmed. However based on a regulation a company is only allowed to announce the price of its shares after receiving an effective statement from the Capital Market and Financial Institution Supervisory Board (Bapepam-LK)," he said.

Mustafa said the next state-owned company ready to go public would be PT Garuda Indonesia.

Garuda plans to sell 25 percent to maximally 40 percent shares to raise up to $300 million which would be used to repay its debts and improve its service. Mustafa said Garuda`s management was effective enough in preparing various aspects to smoothen its initial public offering.

"Garuda right now is still selecting financial advisors," he said. He said Garuda`s financial performance was improving from year to year as shown by the company`s profits.

According to records Garuda is expected to earn a profit of up to 2.1 trillion rupiah this year, up 20 percent from 2009`s profit recorded at 1 trillion rupiah.

Regarding PTPN III’s IPO Mustafa said actually PTPN III, IV and VII had already received the approval to conduct an IPO from the privatisation team but PTPN III had been considered the most ready for it because of its good performance.

"It is impossible for two companies of the same sector to go public at the same time," he said.

Mustafa said his office was now also preparing PT Pertamina to become a public non-listed company.

"The audit of Pertamina’s financial statement is expected to finish in April, 2010 so that the company’s plan to go public is expected to be realised in the first semester of 2010," he said.


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