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NEWS UPDATES Asean Affairs   8  December 2010

Two Indo SOEs to have IPOs

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Two Indonesian state-owned enterprises. pawnshop operator Perum Pegadaian and insurer Asuransi Jasa Indonesia, are finalizing plans for initial public offerings earlyin 2011, according to the minister of state-owned enterprises.

The minister, Mustafa Abubakar, said on Tuesday that the two companies were among those best prepared to conduct IPOs next year.

Flag carrier Garuda Indonesia expects to raise Rp 4 trillion ($444 million) from the sale of a 40 percent stake in the company with an IPO scheduled for February next year.

"Pegadaian will have to change its status to a limited company, from its current status," Mustafa said. "The ministry is currently formulating a government regulation for the transition.

"We're hoping that the privatization committee, led by the coordinating minister for the economy, could approve Jasindo's IPO plan this month," he added, referring to Asuransi Jasa Indonesia.

Mustafa said the ministry, which supervises the management and operation of all state-owned businesses, was on track with its plan to sell stakes in seven to 10 state firms next year.

Pegadaian and Jasindo still need approval from the House of Representatives before they can launch their IPOs, he added.

Pegadaian has been voicing its intention to go public since 2008, a move that may help reinvigorate its 6,000 branches across the country and improve its corporate governance.

The Jakarta-based company also wants to expand its reach with low-income customers, who largely rely on pawnbrokers for quick cash.

Net profit at Pegadaian is forecast to reach Rp 1.7 trillion next year, compared with an estimated net profit of Rp 1.1 trillion this year, news agencies reported.

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