The Straits Times, May 31, 2007
JAKARTA - INDONESIA aims to set up a large holding firm, along the lines of Singapore's Temasek Holdings, and several smaller ones in key sectors such as plantations and mining, to compete better in global markets, a minister said yesterday.
Newly-appointed State Enterprises Minister Sofyan Djalil said he anticipated starting to set up the smaller holding firms in two or three months and to wrap up the process by the end of the year. It was his first interview with the foreign media since taking office early this month.
But Mr Djalil, who oversees total assets of around 1,300 trillion rupiah (S$226.2 billion), said that setting up the big holding company could take more than two years to complete.
'We aim to set up a super- holding company such as Temasek or Khazanah, under which state assets are put into one big holding company. There will also be sub-holdings such as in resources, plantations, fertiliser and energy.'
He was referring to Singapore's government investment arm, Temasek, which manages assets worth US$140 billion (S$214 billion) and Malaysia's investment arm, Khazanah Nasional, which has assets worth US$20 billion.
'Completion means the legal entities have been set up. It also means they have started their operations. Completion also means that they have conducted initial public offerings (IPOs),' said Mr Djalil.
He repeated his commitment to reinvigorate the privatisation drive in South-east Asia's largest economy by offering up to 30 per cent of the country's third-largest lender, Bank Negara Indonesia, through the stock market in August.
Mr Djalil, born in Aceh province and a graduate of Tufts University in the United States, also said that the government planned to sell toll-road company Jasa Marga in September, via an IPO worth over US$300 million.
Under the new scheme, the government expects to put its plantation firms, none of which are listed, under one or more holding companies.
'There are firms that have large palm plantation areas. We also have tea, cocoa, rubber. Whether these will be put into one holding company, let's see.'
Government data showed state-owned plantation firms had combined assets of around 22 trillion rupiah as at the end of 2005.
The total assets of the combined plantation company, however, would be only around a quarter of Malaysia's Synergy Drive, a combination of three plantation firms that have signed pacts to merge and create the world largest listed palm-oil planter.
REUTERS
JAKARTA - INDONESIA aims to set up a large holding firm, along the lines of Singapore's Temasek Holdings, and several smaller ones in key sectors such as plantations and mining, to compete better in global markets, a minister said yesterday.Newly-appointed State Enterprises Minister Sofyan Djalil said he anticipated starting to set up the smaller holding firms in two or three months and to wrap up the process by the end of the year. It was his first interview with the foreign media since taking office early this month.
But Mr Djalil, who oversees total assets of around 1,300 trillion rupiah (S$226.2 billion), said that setting up the big holding company could take more than two years to complete.
'We aim to set up a super- holding company such as Temasek or Khazanah, under which state assets are put into one big holding company. There will also be sub-holdings such as in resources, plantations, fertiliser and energy.'
He was referring to Singapore's government investment arm, Temasek, which manages assets worth US$140 billion (S$214 billion) and Malaysia's investment arm, Khazanah Nasional, which has assets worth US$20 billion.
'Completion means the legal entities have been set up. It also means they have started their operations. Completion also means that they have conducted initial public offerings (IPOs),' said Mr Djalil.
He repeated his commitment to reinvigorate the privatisation drive in South-east Asia's largest economy by offering up to 30 per cent of the country's third-largest lender, Bank Negara Indonesia, through the stock market in August.
Mr Djalil, born in Aceh province and a graduate of Tufts University in the United States, also said that the government planned to sell toll-road company Jasa Marga in September, via an IPO worth over US$300 million.
Under the new scheme, the government expects to put its plantation firms, none of which are listed, under one or more holding companies.
'There are firms that have large palm plantation areas. We also have tea, cocoa, rubber. Whether these will be put into one holding company, let's see.'
Government data showed state-owned plantation firms had combined assets of around 22 trillion rupiah as at the end of 2005.
The total assets of the combined plantation company, however, would be only around a quarter of Malaysia's Synergy Drive, a combination of three plantation firms that have signed pacts to merge and create the world largest listed palm-oil planter.
REUTERS
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