JAKARTA: Ministry of State-owned Enterprise is preparing 5 plantation SOEs to be released through initial public offering (IPO) after the completion of holding formation.Minister of SOE Deputy on Primary Industry Sector Megananda Daryono said besides PT Perkebunan Nusantara (PTPN) III, other plantation SOE that is also ready to be privatized are PTPN IV, PTPN V, PTPN VII and PTPN XIII.The 5 PTPNs have a quite big business scale, making it possible for privatized through IPO. It will take place after holding structuring is finished, as he said yesterday.Daryono informed the five PTPNs mostly work on rubber and palm oil commodity. However, to continue the privatization plan, they need to pocket Privatization Committee approval.Up to the end of 2010, total asset on the plantation SOE is estimated at IDR44 trillion and IDR40 trillion on revenue.We cannot say this year estimation yet. But we are clearly will focus on forming the holding.Previously, PTPN III has expressed their intention to release their share to market. The company might gain IDR3 trillion from releasing 25%-30% share.In recent time, PTPN III Director Amri Siregar said from the corporate act they could fund their expansion agenda like land extension, establishing palm oil processing plant and industrial zone development.We have sent the documents over the IPO plan to government as the shareholders and to be taken to Privatization Committee. This is all in shareholders hand.If IPO successfully implemented, the obtaining fund will be allocated for acquiring 11,000 hectare new land.We also will develop industrial area, which later could be developed as special economic zone, so tax could be freer, said Siregar.He hoped government as major holders could hand the IPO permission in the near future amid to their urgent need for adequate funding to finance the expansion.For this year, PTPN sets IDR2.8 trillion for capital expenditure (capex). To fulfill fund requirement, they will seek bank loan in the amount of IDR1.8 trillion and the remaining IDR1 trillion will come from internal cash.One of capex allocations is to establish 30 ton fresh fruit bunches (FFB) palm oil processing plant. With such development, the company will has 12 processing plant units with total 600 ton capacity FFB, compared to current facility of total 570 ton FFB per hour.Through 2011, PTPN III is targeting to reach IDR6 trillion for revenue and IDR1.4 trillion for net income. (t05/wiw)

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