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Jakarta Post

Antara seeks Rp 450 billion in aid to revitalize business

  • The Jakarta Post

Jakarta   /   Sat, November 22 2008   /  12:17 pm

State-owned news agency LKBN Antara is asking the government for a Rp 450 billion (US$41.5 million) bailout to in part modernize its business capabilities, a top executive says.
CEO Ahmad Muklis Yusuf said Friday the agency had submitted the proposal for the bailout funds to the State Ministry for State Enterprises, which oversees state companies. “I have discussed the matter with the secretary of the minister for state enterprises, and the response was very positive,” Ahmad said without elaborating.
Under existing regulations, the ministry can propose that state money be injected into ailing state companies providing the House of Representatives approves.
Ahmad said the cash package, if approved, would be used mostly to revitalize and enhance the firm’s business performance, including by refurbishing its website.
“We are plannin...