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State-owned enterprises (SOEs) performed fairly well last
year, with dividends paid to the government reaching Rp 21.4 trillion
(around US$2.4 billion), or some Rp 700 billion more than the
government's target at the start of 2006.
The government will also promote the sale of stakes in at least 12
state enterprises later this year, State Minister for State Enterprises
Sugiharto said Wednesday.
"Dividend contributions are one of the most important indicators of our
performance. We have to admit that Rp 700 billion more than the
government's target is significant," he said during a press conference.
The 2006 dividends were nearly twice what were paid out in 2005, when
the figure stood at Rp 12.8 trillion. In addition, state companies also
contributed Rp 45 trillion to the national budget, higher than the Rp
42.76 trillion paid over in 2005, and produced some Rp 2.11 trillion in
privatization proceeds.
Sugiharto argued that the main benefit of privatization was a
strengthening of the financial position of companies and increased
growth.
"Privatization can strengthen a firm's governance, its compliance with
business best practice, improve its competitiveness, and improve its
human and financial capital. So the horizon is bigger than just meeting
contribution targets to the national budget," he said.
The benefits produced by the selling of stakes in SOEs, Sugiharto said,
could be seen from the performance of the Jakarta bourse throughout
2006. The 13 SOEs now listed on the bourse contributed at least 40
percent to the Jakarta Stock Exchange's total market capitalization.
"I can honestly say that without the 13 firms, starting with Telkom,
BNI, Mandiri and Indosat, the bourse would not be where it is today.
State companies are the key drivers of the bourse," he said.
Ministry figures show that the market capitalization of 12 SOEs,
excluding PT Indosat, reached Rp 452.69 trillion in 2006, nearly twice
the figure of Rp 289.56 recorded in 2005.
"Initial public offerings are necessary to enhance growth.
Public-private partnerships are also essential," he said.
Based on the positive growth recorded last year, Soegiharto said that
he would urge at least 12 firms to sell stakes through a number of
different options.
The sale of stakes through IPOs would be suggested for PT Wijaya Karya,
PT Krakatau Steel, PT Bank Tabungan Negara and PT Jasa Marga, while PT
Bank Negara Indonesia Tbk would probably conduct a secondary offering
as it was already listed on the JSX.
Strategic divestments would be suggested for PT Prasadha Pamunah, PT
Cambrics Primissima, PT Atmindo, PT Kertas Padalarang, PT Intirub, PT
Kertas Blabak and PT Kertas Basuki Rahmat, while a private placement
would be recommended for PT JIHD.
Regarding investment in 2007, Soegiharto said that more focus would be
placed on supporting the government's infrastructure program, and also
the agriculture industry through a replanting program in line with the
President's decision to provide subsidized loans to farmers.
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