Business

Two state-owned firms face
liquidation

State-owned publishing company Balai Pustaka and state film production company (PPFN) are facing bankruptcy and liquidation.

The two firms would be terminated should they are still suffering losses by end of 2011, State-owned Enterprises Minister Mustafa Abubakar said Friday.

“It is better to shut down non-performing state firms rather than maintain their deficits,” Mustafa said during a work visit to Makassar in South Sulawesi.

Mustafa added that Balai Pustaka would be handed over to the National Education Ministry and PPFN to the Communication and Information Ministry.

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