STATE-OWNED BANK BTN TO CONDUCT IPO THIS YEAR

Jakarta, Aug 24 (ANTARA) - State-owned saving bank BTN and state housing company PP will conduct their initial public offerings (IPO) this year, secretary of State-owned Enterprises Ministry, Said Didu said.

"BTN and PP are expected to realize their IPO this year," Said Didu said here on Sunday.

He said that the two state companies were now making preparations for the holding of the IPO.

The Ministry of State Enterprises in its capacity of as a holder of the companies' shares supported the IPO idea as long as it was based on prodent principles, Said Didu said.

"As far as I know the minister for state enterprises, Sofyan Djalil, agreed to the steps taken by the two firms to offer their shares to the public as far as the process is based on the prudent principles," Didu added.

He said that the IPO process had been going on without any intervention from any other parties.

"After all, the IPO of the two state-owned companies has been discussed by a privatization team which is composed of inter-departmental elements, and has been approved by the House of Representatives (DPR)," he said.

But Said Didu did not gave details on the exact schedule for the implementation of the IPO because the market situation should be taken into account to decide the timing of the IPO.

"It still could not be decided because the two companies are still in the process of deciding the price of the initial offering, and they should conduct a roadshow first," he stressed.