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View all search resultsDanareksa to manage govt minority shares
The State-Owned Enterprises Ministry will appoint Danareksa Capital to manage the government's minority shares in nine companies later this year, according to a minister
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T
he State-Owned Enterprises Ministry will appoint Danareksa Capital to manage the government's minority shares in nine companies later this year, according to a minister.
"Danareksa will manage the government's minority shares in nine companies as it is the only firm ready to do so at the moment," State-Owned Enterprises Minister Mustafa Abubakar said Friday.
Ministry official Ekoputro Adijayanto said the value of the government's shares in the nine companies is about 4.7 trillion, based on their nominal value, or Rp 20 trillion, based on market capitalization.
"The value of the shares is large. If only 5 percent of the total value is used for state budget needs, we will have an extra Rp 15 trillion in funds," Ekoputra said.
"The managed funds would be flexible enough to finance infrastructure projects," he said.
Mustafa said the funds would be bundled into a unit that would be managed by Danareksa. He added that the move could pave the way for further investment in other companies. The government has ownership of between 8 percent to 45 percent in the nine companies.
The government, for example, has a 8.36 percent stake in PT Freeport Indonesia, 14.39 percent in PT Indosat, 18.5 percent in PT Bank Bukopin, 45 percent in PT Asuransi Kredit Indonesia, and 41.12 percent in PT Indonesia Asahan Aluminium. The government also has minority stake in PT Jakarta Industrial Estate Pulogadung, PT Surabaya Industrial Estate Rungkut, PT Kertas Padalarang and PT Socfindo.
The share ownership of less than 51 percent is considerd minority.
Danareksa Capital head director Edgar Eko Putra told news portal Kontan Online (www.kontan-online.com) that Danareksa's role as fund manager would begin in the second quarter with a capital injection of Rp 400 billion.
"In the future, Danareksa will not only manage the government's minority shares, but could also act as an investment manager for other state-owned enterprises." (not)
