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The government's plan to streamline the number of state firms
through mergers, the setting up of holding companies and more
privatization has been queried by the House of Representatives' finance
commission, who questioned the feasibility and transparency of the plan.
During a hearing Monday with State Minister for State Enterprises
Sofyan Djalil and Finance Minister Sri Mulyani Indrawati, some
lawmakers warned the government not to be "too hasty" about setting up
holding companies.
They cited the example of the former agency for strategic industries,
which was set up under the Suharto regime to serve as an umbrella for
such state-owned enterprises as steel producer PT Krakatau Steel and
aerospace firm PT Dirgantara Indonesia (PT DI, previously known as
IPTN).
"What happened was that the profitable Krakatau Steel was dragged into
the mire just to support the group's financially troubled companies,
like PT DI," said Max Moein of the Indonesian Democratic Party of
Struggle (PDIP-P).
Another holding company, this time for fertilizer producers, had also
failed, he said, because the management of the smaller Pupuk Sriwijaya
was tasked with taking charge of the group instead of the management of
the larger Pupuk Kaltim.
"The government must explain in detail first how exactly it will set up
the holding companies, including whether they will act only as passive
shareholders or be directly involved in the operational management of
the state firms."
Earlier in the day, State Minister for State Enterprises Sofyan Djalil
presented the government's "road map" for the development of the state
sector, which aims to reduce their number of state firms from 139 at
present to 69 by 2009, and only 25 beyond 2015.
It is planned that this will be achieved through the merging of state
firms with similar businesses, such as the merger of pharmaceutical
companies PT Kimia Farma and Indofarma.
The government will also establish holding firms for state firms
operating in the same industry, including the planned Indonesian
resource company for the mining sector, and others for the plantation,
construction and strategic industries sectors.
Sofyan said that the holding companies would be fashioned along the
lines of Singapore's state holding company Temasek and Malaysia's
Khazanah, both of which act as investors in other firms.
"We expect state firms to act more like autonomous corporations in the
future, without the need for a special ministry," he explained.
Privatization will also form part of the road map, with the government
having secured House approval for a 15 percent rights issue and a 15
percent secondary offering of state shares in PT Bank Negara Indonesia
(BNI) this year.
It will also hold 30 percent rights issues for toll-road operator Jasa
Marga and construction firm PT Wijaya Karya, and sell off all its
remaining minority stakes this year, as well as 15 state firms next
year and 11 in 2009.
Legislator Dradjad H. Wibowo (National Mandate Party/PAN), said that
transparency would be required at all stages of the program.
"How do they agree on the optimum number of shares to be sold? I hope
the figure doesn't just fall from the sky," he said.
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