Nearly 30 Indonesian state firms to proceed IPOs in 2009
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
"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.