PLN will sell three subsidiaries through IPO in 2005
Wednesday, September 22 2004 - 03:19 AM WIB
State-owned electricity company PT Perusahaan Listrik Negara (PLN) will sell the shares of its three subsidiaries – PT Indonesia Power (IP), PT PJB and PT Indonesia Comnets Plus (Icon+) – through initial public offering (IPO) next year, the Bisnis Indonesia newspaper reported in its Wednesday edition.
PLN’s president director Eddie Widiono Suwondho said his company is making preparations for the IPO of its three subsidiaries.
”We will sell our stakes in these subsidiaries (IP, PJB and Icon+) through IPO. Presently, we are making preparations through our team of experts,” Eddie told the Bisnis recently.
Eddie is optimistic that PLN will be able to sell its stake in the three companies next year. This IPO is a part of PLN’s plan to develop the company.
PLN, according to Eddie, will give full freedom to the three subsidiaries to develop their respective core businesses.
IP and PJB are power producers and the Icon+ is supporting the PLN in the fields of telecommunications and information technology. (*)