May 07, 1999
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| May 07, 1999 | atimes.com | |
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| Southeast Asia Indonesia to privatize seven companies out of 12 originally planned JAKARTA - President B.J. Habibie said Wednesday the government is set to privatize seven state companies instead of the 12 originally planned. Proceeds from the sale are expected to reach $510.1 million from cement maker PT Semen Gresik and port administrators PT Pelindo II and III, and Rp500 billion from the divestment of the government stake in instant noodle maker PT Indofood. ''We are still waiting for further developments for PT Perkebunan Nusantara IV, PT Angkasa Pura II, PT Indosat and PT Aneka Tambang,'' Habibie said. International telecommunications service provider PT Indosat and diversified mining company PT Aneka Tambang are already listed on the bourse. The president told Minister Tanri Abeng to carry out the program transparently to avoid allegations of ''misunderstanding'' and ''misuse of authority''. Tanri yesterday reported on the ministry's reform program, which includes restructuring and privatization. The program has shown encouraging results with the percentage of healthy companies in 1998 rising to 68 from 59.8. Ailing companies fell to 14 percent from 33.6 percent. The program also jacked up the profits of state companies by 55.2 percent, with pre-tax profit topping 94.1 percent. (Asia Pulse/Antara) | |||||||||
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