Indonesia approves IPOs in 2014 for two state plantation companies

Friday, 31 January 2014 00:56 - - {{hitsCtrl.values.hits}}

JAKARTA, (Reuters): Indonesia has approved plans for initial public offerings for two state-owned plantation firms this year, Coordinating Economic Minister Hatta Rajasa said on Thursday. The firms are PT Perkebunan Nusantara V (PTPN 5) and PT Perkebunan Nusantara VII (PTPN 7), which produce commodities including sugar, palm oil and rubber. The planned IPOs will not happen before the formation a holding company for the plantation firms, part of the State-Owned Enterprise Ministry’s grand strategy, Rajasa told reporters. Last November, PTPN 7 said it aimed to sell a 30% stake via an initial public offering, worth up to 2 trillion rupiah ($ 164.41 million) in the second half of this year.

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