SOEs ministry to set up energy, mining, financial and toll road holding in H1

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Photo by Minister of SOEs

JAKARTA (TheInsiderStories) – State Own Enterprises (SOEs) ministry will set up holding companies for energy, mining, finance and toll road in first semester (H1) of 2016. This year, the ministry targeting to set up six holdco for toll Roads, construction and engineering, real estate, oil and gas, mining and financial.

In four year terms, the ministry will set up holding company for mining, shariah bank, general insurance, reinsurance, venture capital, ship yard, port fishery, Information & technology, air service and electronic.

Minister for SOEs Rini Soemarno explained, that establishing holdco by sector would be prioritized first, adding that if there were companies with multiple assets such as hotels or other non-core assets, the ministry would begin allocating those assets to the relevant holding company so they could be more efficient.

According to her, the ministry has appointed PT Bahana Securities, PT Mandiri Sekuritas and PT Danareksa Sekuritas to assess the planned formation of six holding company (holding) SOEs and can be completed in one month.

“We expect the holding company would increase efficiency and provide better leverage for the companies to increase external funding in a bid to support the government’s massive infrastructure projects,” the minister Rini Soemarno told reporters.

She elaborates more, oil & gas firm PT Pertamina and gas distributor PT Perusahaan Gas Negara Tbk (IDX: PGAS) will under holdco energy. While aluminium producer PT Indonesia Asahan Aluminium (Inalum) will become holdco for mining business like PT Aneka Tambang Tbk (IDX: ANTM), PT Tambang Bukit Asam Tbk (IDX: PTBA) and PT Tambang Timah Tbk (IDX: TINS).

Investment firm PT Danareksa (Persero) will become holding company for financial companies such as PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank Mandiri Tbk (IDX: BMRI), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Bank Tabungan Negara Tbk (IDX: BBTN), pawnshop firm Perum Pegadaian and venture capital firm PT Perusahaan Nasional Madani.

For toll road business, the ministry will appoint toll road operator PT Hutama Karya as a holding company to manage other toll road companies like PT Jasa Marga Tbk (IDX: JSMR) and PT Waskita Karya Tbk (IDX: WSKT).

In four year terms, the ministry will set up holding company for mining, shariah bank, general insurance, reinsurance, venture capital, ship yard, port fishery, Information & technology, air service and electronic.

SOEs Ministry will resizing number of companies from 119 to 85 by 2019 through merger, acquisition and set up new holding, said the minister.

The post SOEs ministry to set up energy, mining, financial and toll road holding in H1 appeared first on The Insider Stories.

Source: The Insiderstories
SOEs ministry to set up energy, mining, financial and toll road holding in H1

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