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Govt not to inject capital to Pos Indonesia: Minister

30th January 2013 | 2.546 Views
Govt not to inject capital to Pos Indonesia: Minister
PT Pos Indonesia (ANTARA News)
Jakarta (ANTARA News) - The government will not inject funds in the form of state equity participation (PMN) to state postal firm PT Pos Indonesia to expand its businesses, State Enterprises Minister Dahlan Iskan said.

"In principle, we will no longer inject funds to state firms for whatever their reasons. Except strategic state firms and state insurance companies, no any other state firms will receive state equity participation," he said here on Tuesday.

The government will not respond to any request from the management of PT Pos for a capital injection, he said.

"True, PT Pos needs funds to expand its businesses. But should the funds come from state capital injection? By improving its performance PT Pos will have many ways to find funds, not necessarily from the government," he said.

PT Pos is currently focusing on developing its businesses, ranging from logistics, banking services, property to retail business.

In its 2013 business plan, the company allocates an estimated Rp873 billion for capital expenditure.

Of the total, Rp580 billion will be used for investment of its subsidiaries, Rp10 billion for property, Rp245 billion for fixed assets, and Rp37 billion for intangible assets.

The company had originally planned to make an initial public offering (IPO) of its shares this year to raise funds. However, the State Enterprises Ministry as the authorized shareholder does not allow the company to float its shares to the public.

Asked to comment on the company`s plan to set up a bank in association with state lender Bank Mandiri and state insurance company PT Taspen, he said the plan is a good step.

He said PT Pos has informed him of the plan.

"I agree they will synergize. It is up to PT Pos. What is important is that it will not rely on state equity participation. It is okay it will issue bonds and make bank loans," he said. (*)