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Semen Baturaja delays IPO

JAKARTA: Initial public offering (IPO) plan of PT Semen Baturaja and other SOEs might not accomplish this year.Deputy of Strategic Industry and Manufacture of Ministry of State-owned Enterprise Irnanda Laksanawan stated the cement SOE is preparing their
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 16 Februari 2011  |  01:43 WIB

JAKARTA: Initial public offering (IPO) plan of PT Semen Baturaja and other SOEs might not accomplish this year.Deputy of Strategic Industry and Manufacture of Ministry of State-owned Enterprise Irnanda Laksanawan stated the cement SOE is preparing their IPO. Still, they could not determine the implementation.We are under preparation. 2012 at the latest. It will be really good if we can have it this year but for now we are still preparing ourselves, as he said recently.To conduct the action, he added, the company must prepare it thoroughly and it might take time.It is still under internal discussion. After that, they need to prepare a draft to Privatization Committee and to ask House of Representative approval. They also need to organize company asset and legal matters. From the profit side, they always successfully pocket it, yet other matters are still under review.The amount of shares that will be released to the public has not been determined, he continued. He estimated Semen Baturaja might release 20% share or depend on company needs.20% at the minimum, but it all depends on company needs. It has not set yet.Deputy of Ministry of SOE on Restructuring and Strategic Planning Achiran Pandu Djajanto said that, to date, they have not agenda the meeting with Privatization Committee to discuss the IPO plan.We have submitted our request but have not received any answer so far. We wanted to hold it this year.Beside the cement SOE, there are other companies that wanted to schedule IPO this year but unfortunately he refused to detail the matter.After Garuda, Ministry of State-owned Enterprise has not preparing another SOEIPO for this year.Setelah Garuda, Kementerian BUMN mengaku belum ada kemajuan terkait rencana pelepasan saham perdana (initial public offering/IPO) perusahaan BUMN lainnya pada tahun ini.Meanwhile, Minister of SOE Mustafa Abubakar refused to comment on the IPO plan. It is still under internal discussion.Not just GarudaAbubakar cannot name which SOE that scheduled to conduct IPO in 2011, but he hopes Garuda will not be the only one.I hope Garuda Indonesia will not be the only one (IPO). But for now we are focusing on continuing Garuda IPO and Bank Mandiri right issue plan. Other than that are still under review.He realized market is not on it best performance amid to global market condition but he hopes it will be better.Last month, He promised IPO discussion could be finished on the third quarter of 2011. He predicted there will be only 5 SOEs that might go public this year.The privatization, he informed, will be done in several ways e.g. strategic sales and initial public offering.Companies that plan to release their share to public are SOE on plantation and Perum Pegadaian. As response thereto, he point they should complete a few things first.For plantation SOE, he continued, Ministry of SOE still focus on organizing the holding while Pegadain is in the process of status transformation from public company (Perum) to limited company (Persero).Plantation SOE could conduct IPO this year if holding arrangement could be completed on IQ/2011. At the moment, holding arrangement is still being processed in the Ministry of Finance.Perum Pegadaian has the potential to release their share to public this year if the status transformation can be ratified this year.SOEs under strategic plan are PT Primissima, PT Sarana Karya and PT kertas Padalarang. The only SOE that has conducted IPO, so far, is PT Garuda Indonesia.In 2010, 17 listed SOEs have successfully hold 26% market cap. As for this year, it is expected to increase to 30% in line with the increasing number of state-owned companies entering the capital market.Water Front Securities analyst Isfan Helmy Hasad viewed SOEs performance and market capitalization could increase to 30% this year amid to good economic situation in Indonesia. (T05/wiw)

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