|
The government is to sell up to 49 percent and 40 percent
respectively of its stakes in carriers Garuda Indonesia and Merpati
Nusantara this year in an effort to overhaul their performances and
help plug the budget deficit.
Garuda and Merpati will be among nine state enterprises in which stakes
will be sold this year under the privatization program. In addition,
the government will also sell off its minority stakes in six other
companies.
"The privatization committee has approved the divestment of stakes in
nine SOEs and six publicly listed firms," State Minister for State
Enterprises Sugiharto said Tuesday on the sidelines of a hearing with
the House of Representatives' finance commission.
Besides Garuda and Merpati, the state will also sell stakes in state
firms PT Jasa Marga, Bank Negara Indonesia, PT Wijaya Karya, PT ISI, PT
Iglas, PT Cambrics Primisima and PT Permodalan Nasional Madani.
Meanwhile, the state will sell its entire minority stakes in PT JIHD,
PT Atmindo, PT Intirub, PT PPLI, PT Kertas Blabak and PT Kertas Basuki
Rahmat.
However, the privatization committee has delayed the planned divestment
of stakes in PT BTN, PT Krakatau Steel, PT Dirgantara Indonesia, PT
Kertas Padalarang and five consulting firms until comprehensive studies
on the firms have been completed.
In the case of turnpike operator Jasa Marga, the government plans to
gradually sell of up to a maximum of 49 percent of its 100 percent
stake so as to strengthen the firm's capital base and finance the
construction of the Semarang-Solo expressway in Central Java, the
Gempol-Pasuruan expressway in East Java and the Bogor orbital route in
West Java.
As for PT BNI, the government plans to reduce its stake in the bank
from the current 99.12 percent to 51 percent through both a rights
issue and the divestment of 20 percent of its overall stake.
Meanwhile, the state will sell its entire stakes in PT Industri Soda
Indonesia (100 percent), PT Industri Gelas (63.82 percent) and PT
Cambrics Primissima (52.79 percent).
The privatization program is officially expected to generate proceeds
of Rp 3.3 trillion this year, but Sugiharto said the government might
revise the figure upwards to Rp 4.3 trillion.
"We still have to discuss the plan with the House budget committee," he
said.
While the government is upbeat about the divestment program,
privatization remains a sensitive issue.
In response to the government's plans, lawmakers decided Tuesday to set
up a working committee to scrutinize the proposed divestments before
giving their approval.
"We don't want the case of PT Indosat to happen again," said Nursanita
Nasution of the Prosperous Justice Party, referring to the fact that
the state has been left with only a 14 percent stake in Indosat after
about 42 percent of its shares in the company were sold to Singapore
Technologies Telemedia Pte. Ltd. (STT).
Finance Minister Sri Mulyani said the government promised to keep the
privatization process transparent.
"The government, and in particular the Finance Ministry, has asked the
State Ministry for State Enterprises to improve all the relevant
procedures and to do everything transparently," she said.
|
