Advanced Search
Business | Metro | Nation | World | Sports | Features | Specials | Delta Stories
Nearly 30 Indonesian state firms to proceed IPOs in 2009
31/12/2008 17:12

Thirty Indonesian state-owned companies including steelmaker giant PT Krakatau Steel (KS) will be privatized next year, and most of them will be through the initial public offering (IPO) scheme, according to local media.
"Most of the firms will be privatized via an IPO, except those companies in which the government has only a small proportion of shares," the Jakarta Post daily today quoted Muhammad Yasin, Deputy Indonesian State Minister for State Enterprises, as saying.
The program will also include IPOs of flag carrier Garuda Indonesia and Bank Tabungan negara, while other two big construction firms are currently waiting for Indonesian Parliament ' s approval for their IPOs, according to Yasin.
The Indonesian government expected to generate about 10 trillion rupiahs (US$906 million) from selling around 30 percent of the shares in each of these companies.
Indonesia has 139 state-owned companies that deal with businesses, covering energy, mining, utilities, telecom, banks, services and commodities.