State-owned port operator Pelabuhan Indonesia II (Pelindo II) plans to open five of its subsidiaries to initial public offerings over the next few years.
Four of these — Pelabuhan Tanjung Priok, Car Terminal Indonesia, Multi Terminal Indonesia and Container Terminal — will release shares by 2016, while the fifth firm is expected to open its offering by the end 2017.
“[Each of the companies] will probably release between 20 and 25 percent of their shares,” Pelindo II President Director Richard Joost Lino said in Jakarta on Wednesday.
The five firms are top performers among Pelindo II’s 14 subsidiaries — producing between 55 and 60 percent of the holding company’s revenues, Richard said. Pelindo II itself has no plans to go public, according to Richard.
Four state-owned holding companies run Indonesia’s ports. Pelindo II is responsible for Tanjung Priok and Sunda Kelapa Ports in Jakarta, Teluk Bayur Port in West Sumatra, Tanjung Pandan Port in Bangka Belitung, Banten Port, Pontianak Port, and others.
The company is planning a Rp 50 trillion ($4.58 billion) expansion project for Tanjung Priok, the country’s main harbor, which it hopes to complete by 2020. The new port will have an annual capacity of 18 million 20-foot containers, more than triple the current capacity of five million.
Pelindo II reported Rp 6.3 trillion in revenues and Rp 2 trillion in net profits last year. This year, the company hopes to increase those figures by 11 percent and 25 percent, respectively.
Source: http://www.thejakartaglobe.com/
