Conflict over Jasa Marga
Privatization Committee led by Coordinating Minister for the Economy Boediono had decided to privatize toll road operator PT Jasa Marga this year through initial public offering (IPO). But VP Jusuf Kalla and other cabinet members asked Jasa Marga to drop the IPO plan and sell off its productive assets instead. How about that.
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Labels: Jasa Marga
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posted by yosef at 8:47 AM
4 Comments:
Stripping state owned companies of their best assets so they can raise money to invest in lesser quality assets. Hmm. Sounds like the actions of one of Indonesia's earlier Presidents! I can imagine some grubby little hands at work here.
I am no fan of state ownership but this looks particularly invidious. If they want to raise money, list it.
I think Budiono is correct. Listing Jasa Marga will force this BUMN to operate more trasparently and immune from political influence. This is in addition to the extra cash for new investments. The problem is raising fund of which much easier by a listed company, not just by selling 'Jagorawi'. VP Kalla should STEP BACK and KEEP HIS MOUTH SHUT.
Don't think too far about state owned enterprises IPO. Jasa Marga's eager to enter stock market has emerged in 2003. The so called flip flop IPO of Jasa Marga will continue as long as Sugiharto remains SOE Minister.
The fact said since he replaced Laksamana in late 2004, no single SOEs have listed shares via the stock market.
The only blunder divestment of PGN continued by Sugiharto was a legacy from Laksamana...hehehe...so.,dont expect too much from IPO Jasa Marga.Sugiharto till now seems too busy to decide Jasa Marga's IPO underwriters.
What Kalla said to Jasa Marga was a sign that selling assets would be better way than IPO.
Sugiharto? Okay, let's remove him from his position then. Let me know if you have any potential candidates to replace him ? Tick ... tock ...
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