State Minister of State Owned Companies [BUMN] was processing the Government Regulation [PP] which enabled BUMNs to become public companies without having to be registered at the stockmarket. Today, the proposed regulation was expected to be ready in the near future.
Secretary of the State Ministry of State Owned Companies [BUMN] M. Said Didu remarked that organizational transparency within the BUMN was clearly visible without selling their shares. “State Owned Companies would be an open company but the shares were not for sale” he stated in Jakarta Friday [21/8].
Under the circumstances the State Minister of State Owned Enterprises were preparing a criteria which would serve as a bench-mark for a company to be worthy of being a non listed company. Among the main criteria were value of asset, sensitivity to the market, and most of all the Government owned company must serve the interest of the general public.
Among the state owned companies who were planning to adopt this plan was PT Pertamina. The plan of this state owned company to the first company to be open but not being a member of the stockmarket was already proposed since mid 2008. However it could not as yet be realized because the Government Regulation related to the amendment of law No. 8/1995 on stocket was not put in effect.
The Government expected that Pertamina, being a public company which was not listed at the stockmarket, would be able to run good corporate governance.
So far only Pertamina was interested in adopting the plan, while non of the other state owned Companies were planning to do the same.