SOEs to be squeezed from 141 to 120 in 2012
The Jakarta Post, Jakarta | Tue, 01/17/2012 4:28 PM
The State-Owned Enterprises Ministry is set to reduce the number of state-owned enterprises this year from 141 to only 120 through the establishment of holding companies, mergers and acquisitions.
“A number of company restructuring programs are underway, resulting in only 120 companies by the end of the year,” SOE Minister Dahlan Iskan said at his office on Tuesday as quoted by Antara.
According to Dahlan, plantation companies PT Perkebunan Negara (PTPN) I to XIV and PT Rajawali Nusantara Indonesia will merge and operate under one state-owned plantation holding company.
The same thing goes for PT Boma Bisma Indra and PT Barata Indonesia, both of which are machine makers, he said.
“The two state-owned enterprises [Boma Bisma Indra and Barata Indonesia] have the same line of business and both have similar [financial] conditions. So, a better outcome is expected with the merger of the two,” said Dahlan.
He said the ministry was also setting up holding companies for the business departments in the forestry, pharmaceutical and paper industries.
Regarding restructuring via acquisitions, he said state-owned construction firm Waskita Karya was completing its process of acquiring another state-owned construction firm, Istaka Karya.
Also, publicly listed construction firm PT Adhi Karya will be acquiring Perum Produksi Film Negara (PFN); publicly listed telecommunications firm PT Telekomunikasi Indonesia (Telkom) will be acquiring publishing company PT Pradnya Paramita after the latter has completed its merger with another publishing company, PT Balai Pustaka; surveying firm PT Surveyor Indonesia will be taking over energy conservation and management company PT Energy Management Indonesia; airport operator PT Angkasa Pura I will be acquiring charter airline PT Survey Udara Penas; construction firm PT Pembangunan Perumahan will be taking over textile firm PT Industri Sandang Nusantara; and publicly listed construction firm PT Wijaya Karya will be taking over another construction firm PT Sarana Karya, according to Dahlan. (mtq)
