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Monday, February 15, 2010

PTPN hard to hit the bourse this year: PTPN VII studies IDR500 billion bond issuance option

Wednesday, 10/02/2010 00:00 WIB
By Irvin Avriano A.

PTPN hard to hit the bourse this year: PTPN VII studies IDR500 billion bond issuance option

JAKARTA: PT Perkebunan Nusantara (PTPN) IPO plan this year might be suspended following the modification of state enterprise development priority set by the government and the Legislatives.

Deputy State Enterprise Minister Agus Pakpahan said to realize the IPO scheme of three PTPNs, PTPN III, IV, and VII, it takes long process.

"At least there should be approval from three parties, finance minister, coordinating minister for economy, and state enterprise minister, and Legislatives noting the changing capital market and economy condition," he said yesterday.

Besides, some state enterprises also need to consider the condition and new strategy of space management.

As to him, it is important to note space management as some state plantation firms should manage the surrounding spaces. "It is necessary to consider space management for the upcoming 20-30 years due to the changing community needs," he said.

Deputy chairman of the Legislatives' Commission VI Aria Bima said the company and state enterprise ministry agreed to change the priority of state firms betterment from liquidation and privatization into synergy by forming holding company.

"We evaluate again the prior plan and will emphasize the formation of synergy among state firms. There will be holding for plantation companies and such formation will be difficult if PTPN executed IPO," he added.

He cited example on the compulsory permit given to the minor investors in the EGMS when holding is established. So, the company targets PTPN has got holding firm prior to stock listing at the bourse.

Bisnis records the privatization scheme of PTPN III and IV has not been discussed in the privatization committee meeting despite the former plan to hit the bourse this year. In fact, prior to the Legislative approval given, the IPO scheme should be discussed with the privatization committee.

In addition to PTPN III and IV, some other state firms planning to hit the bourse this year include PT Ga-ruda Indonesia, PT Pembangunan Pe-rumahan (PP), and PT Krakatau Steel (KS).

Aria could barely ensure the finalization schedule of plantation holding company formation.

"The target of holding formation could not be set yet. But here, the task of Commission VI is to provide political endorsement," he said.

The State Enterprise Ministry and Commission XI do not simply encourage the formation of holding firm but also commit to call off the rightsizing scheme through liquidation of losing state firm. The government will vie for the synergy among state firms.

Meanwhile, PTPN VII studies the bond issuance scheme worth IDR500 billion this year. President Director of PTPN VII Andi Punoko said the issuance will be done gradually.

"We will issue bond gradually from semester I/2010 and II/2010 based on the investment needs," he said. (Bisnis/iaa/ags)

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