Indonesia gov to revise presidential decree to smoothen new holding

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JAKARTA (TheInsiderStories) – Indonesia government will revise Presidential Decree No. 44 of 2005 on procedures for the inclusion and administration of the state capital in state-owned enterprises and limited liability companies also PP No. 45 of 2005 on  Establishment, Handling, Supervision and Liquidation of State-Owned Enterprises (SOEs).

The new decree will add an article stating that with regard to the purchase, transfer of assets or the establishment of a new state-owned enterprises (holding), the government still has series of Dwiwarna stocks as it still wants to have authority on the SOEs.

Deputy for Financial Services Business of the SOEs Ministry Gatot Trihargo stated the revision is related to the government’s interest in creating state-owned holding companies in some sectors.
The government wants to make sure, after the newly formed parent SOE, the government still has the authority to carry out assignments related to SOEs scope of business, for instance in the distribution of subsidies (public service obligation/PSO).
“We’ll add a clause that states the government still has a Dwiwarna stocks in the newly formed state-owned enterprises,” he told The Insider Stories.
The article 9, paragraph 1 stated a reduction of government stakes in SOEs, state owned venture capital firms (PMN) and limited liability companies (PT) are carried out in the framework of  sale of state owned shares those entities, the transfer of state-owned assets in PMN to another state owned firms or PT, the establishment of a new state-owned enterprise, or used as a state asset; separation of SOE subsidiaries; and/or restructuring of the company. The state-owned limited company whose shares are majority or at least 51% owned by the state.
Meanwhile, Minister of SOEs Rini Soemarno sees the article aims to ensure that the State continues to participate in the management of SOEs. She added that the government is targeting the state-owned holding companies will be implemented this year, even though the target has been delayed from July.
“We still want (to finalize the establishment of the SOE holdings) this year,” she said.
The SOE Ministry plans to establish holding companies in oil and gas sector, mining, banking and housing sectors. The planned establishment of the holdings are now in the finalization phase.
“It’s still being discussed. Tomorrow, there will be a meeting regarding the holding firms,” said Rini. (*)

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Source: The Insiderstories
Indonesia gov to revise presidential decree to smoothen new holding

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