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Indonesia eyes Rp 21t from IPOs of 10 SOE subsidiaries

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Mon, November 13, 2017 | 11:32 am
 Indonesia eyes Rp 21t from IPOs of 10 SOE subsidiaries State-owned Enterprises Ministry’s official in charge of business restructuring and development Aloysius Klik Ro. (kompas.com/Estu Suryowati)

The Indonesian government eyed Rp 21 trillion (US$1.55 billion) from the sales of shares of 10 subsidiaries of state-owned enterprises (SOE) through initial public offerings (IPOs) next year.

The State-owned Enterprises Ministry announced that the five companies that failed to hold IPOs last year would carry out IPOs next year, while the five others were in the preparation process.

“There are some subsidiaries of PT Pembangunan Perumahan (PP) that would also hold an IPO [next year],” said the ministry’s official in charge of business restructuring and development Aloysius Klik Ro over the weekend as reported by tribunnews.com.

Read also: 10 SOE subsidiaries ready for IPOs next year

Indonesian Stock Exchange (IDX) company assessment director Samsul Hidayat expressed his appreciation of the plan to the SOE subsidiaries, stressing that such a move would reduce their dependency on the state budget.

He said four subsidiaries of SOEs have held an IPO, this year: PT Garuda Maintenance Facility Aero Asia (GMFI), a subsidiary of PT Garuda Indonesia; PT PP Presisi, a subsidiary of PT PP; PT Wika Gedung; subsidiaries of PT Wika; and Jasa Armada Indonesia (JAI), a subsidiary of PP Pelindo II.

Of the four companies, only GMFI had listed its shares on the IDX board. (bbn)

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