PTBA’s divestment postponed until June 2004

The government has decided to delay the sale of 20 percent shares in state-owned coal miner PT Tambang Batubara Bukit Asam (PTBA) through secondary offering until June 2004, the Bisnis Indonesia newspaper reported in its Saturday edition.

Assistant to the deputy of state minister for state enterprises Pandu Jajanto said the government has appointed PT Danareksa Sekuritas as underwriter for the secondary offering.

“We have already appointed Danareksa Sekuritas (as underwriter) for Bukit Asam’s second go public program. We hope the sale process will be completed around June this year,” Pandu told the Bisnis on Friday in Jakarta.

Earlier, the government said the sale of 20 percent shares in PTBA was expected to be completed in April before the general elections.

The second round of the PTBA divestment is part of the government's 2004 privatization program aimed at raising cash to help finance the state budget deficit.

The government has previously sold 15 percent shares in PTBA through an initial public offering. The House of Representatives has given approval to sell up to a 35 percent stake. (*)