Parliament approved part of capital injection proposed by government

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JAKARTA (TheInsiderStories)  – House of Representative of Indonesia rejected capital injection for state-owned investment PT Bahana Pembinaan Usaha Indonesia Rp 500 billion and PT Perusahaan Perdagangan Indonesia Rp trillion. While port operator PT Pelabuhan Indonesia (Pelindo) III rejected the capital injection Rp1 trillion and prefer to raises the fund from bank loan or bond issuance.

Teguh Juwarno, Chairman of Commission VI said, parliament only approved part of the government proposing on the capital injection for 20 state-owned enterprises (SOEs) with worth Rp44.38 trillion ($3.35 billion).

“We agreed to rejected part of the capital injection for SOEs for the revised budget of 2016,” He said.

Previously, the government proposed capital injection of Rp 47.88 trillion to 23 state-owned enterprises (SOEs) in the 2016 Revised State Budget. Finance Minister Bambang Brodjonegoro the SOEs need more capital to finance the development of infrastructure projects and other priority national development set by the government.

He added that the SOEs that will receive a higher state capital injection is PT Perusahaan Listrik Negara (PLN), which is poised to receive in cash up to Rp 10 trillion and non-cash Rp13.56 trillion in order to help realize the 35,000 Megawatt (MW) power plant project target in 2019.

“With the additional capital, PLN’s assets would increase to Rp300 trillion and its equity will also increase, therefore the company will have larger capacity borrow funds to finance its power plant projects across Indonesia,” the minister said.

Other companies that will receive additional capital would be construction firms, namely PT Wijaya Karya Tbk (IDX: WIKA) and PT Hutama Karya, with Rp 3.0 trillion each. The other largest injection goes to the State Logistics Agency (BULOG) Rp 2.0 trillion, airport operator PT Angkasa Pura II Rp 2.0 trillion, PT Pembangunan Perumahan Tbk (IDX: PTPP) Rp 2.0 trillion, PT Krakatau Steel Tbk (IDX: KRAS) Rp 1.5 trillion, PT Jasa Marga Tbk (IDX: JSMR) Rp 1.25 trillion and PT Industri Kereta Api Rp 1.0 trillion.

Meanwhile, the Rp 64.82 trillion in state capital injections that were approved in February are still being disbursed to 40 intended SOEs, with four firms expected to receive their share by the end of October.

List of capital injection in cash worth Rp 28.25 trillion :

  1. PT Perusahaan Listrik Negara Rp 10.0 trillion
  2. PT Hutama Karya Rp 2.0 trillion
  3. PT Wijaya Karya Tbk Rp 4.0 trillion
  4. PT Angkasa Pura II Rp 2.0 trillion
  5. PT Pembangunan Perumahan Tbk Rp 2.25 trillion
  6. Perum Bulog Rp 2.0 trillion
  7. PT Krakatau Steel Tbk Rp 1.5 trillion
  8. PT Jasa Marga Tbk Rp 1.25 trillion
  9. PT Industri Kereta Api Rp 1.0 trillion
  10. PT Barata Indonesia Rp 500 billion
  11. PT Asuransi Kredit Indonesia Rp 500 billion
  12. Perum Jamkrindo Rp 500 billion
  13. PT Pertani Rp 500 billion
  14. Perum Perumnas Rp 250 billion

List of capital injection Non Cash Rp 16.13 trillion:

  1. PLN Rp 13.56 trillion
  2. PT Krakatau Steel Tbk Rp 965.49 billion
  3. PT Rajawali Nusantara Indonesia Rp 692.53 billion
  4. PT Pelni Rp 564.81 billion
  5. Perum Perumnas Rp 235.41 billion
  6. PT Perkebunan Nusantara VIII Rp 32.78 billion
  7. PT Amarta Karya Rp 32.15 billion
  8. PT Perikanan Nusantara Rp 29.40 billion
  9. PT Perkebunan Nusantara I Rp 25.05 billion

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Source: The Insiderstories
Parliament approved part of capital injection proposed by government

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