Tuesday, January 19, 2010

Waskita delays IPO to 2011

PT Waskita Karya (Persero) delays the plan to sale share to public (initial public offering/IPO). Formerly, Waskita has plans IPO this year to 2011.
Waskita still wait for the issuance of government regulation to get fund injection from the Asset Management Company (PPA). The restructuring process is targeted to finalize this month despite the awaited government regulation issuance.
If the government regulation is enacted, all will have been accomplished and in the near future will have IDR475 billion fund injection from PPA. When finished, the company could have IPO.
The company ensured to have IPO at market next year. It cannot be done this year due to the would be done restructuring. The company targets to tap some IDR600 billion proceeds from the IPO.
After restructuring, the corporate equity will become positive so as to enable to have IPO.
The restructuring scheme once faced hindrance due to the absence of permit given by Finance Minister. However, this month the permit has been attained.
Waskita Karya made an overstated in pursuit of IPO by manipulating the financial performance.
The state firm here marked up the financial statement in 2004-2007 worth IDR400-500 billion.
The former State Enterprise Minister Sofyan Djalil recommended auditor scrutinizing the finance report of Waskita being probed by the Finance Ministry.
Waskita is one of the state firms queuing for PPA health care. PPA has just injected fund to PT PAL to accomplish all ship orders.
There are 16 state firms queuing for restructuring so that the existing fund is still inadequate. Meanwhile, the companies getting restructuring approval include PT Merpati Nusantara and PT PAL.
PPA formerly has got funded by the government as the working capital worth IDR1.5 trillion to finance restructuring in December 2008 and another IDR1 trillion through 2009 State Budget.
Some state firms on PPA waiting list include PT Waskita Karya (persero), PT Iglas, PT Kertas Kraft Aceh, PT Djakarta Lloyd, Hotel Indonesia, PT Industri Kapal, and PT Survey Udara.

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