Via state equity participation approved in the Revised state Budget, the government will absorb newly issued shares worth Rp 9 trilion from the total target of Rp 14.3 trillion from four State-Owned Enterprises (SOE) following the approval of its rights issue plan. The four SOEs include PT Wijaya Karya Tbk (WIKA), PT PP Tbk (PTPP), PT Jasa Marga Tbk (JSMR) and PT Krakatau Steel Tbk (KRAS).
The SOE Ministry said remaining Rp 5.3 trillion will be absorbed by public using a part of funding generated from tax amnesty policy which is predicted to achieve Rp 165 trillion.
The SOE Ministry said the remaining Rp 5.3 trillion will be absorbed by public using part of the funding generated from tax amnesty policy that is estimated to reach Rp 165 trillion. Aloysius K Rio, Deputy of SOE Ministry for Restructuring and Business Development Division, said with the state equity participation amounting to Rp 9 trillion, the government maintains its position as majority shareholder of the four issuers.
Darmin Nasution, Coordinating Minister for Economics Affair, said the rights issue plan approved by privatization team for four SOEs is a part of efforts to sustain tax amnesty policy. Darmin added that the government still directs repatriated funds into securities, such as equities, bonds, mutual funds as well as trustees and real-estate investment trusts (REIT). (*)
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