Indonesia plans privatisations this year

Garuda and Krakatau Steel will be the first of Indonesia's many SOEs to raise cash in the equity market this year, deputy minister Parikesit Suprapto tells a Hong Kong audience.

Indonesia's plan to sell stakes in two major state-owned enterprises SOEs is on track, according to Parikesit Suprapto, deputy minister of SOEs for financial institutions.

Garuda's long-awaited initial public offering is likely to be launched in the third quarter, and could raise up to $400 million. The national airline has recently reached an agreement to restructure its debts with the European Credit Agency, which is its biggest creditor.

The government also intends to sell a 30% stake in Krakatau Steel in November to raise a similar amount. Last year, the company signed a preliminary agreement with Korea's Pohang Iron Steel to build a new steel plant at Krakatau's industrial complex in Cilegon, West...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222