January 30, 2014 / 1:20 PM / in 4 years

Indonesia approves IPOs in 2014 for two state plantation companies

JAKARTA, Jan 30 (Reuters) - Indonesia has approved plans for initial public offerings for two state-owned plantation firms this year, Coordinating Economic Minister Hatta Rajasa said on Thursday.

The firms are PT Perkebunan Nusantara V (PTPN 5) and PT Perkebunan Nusantara VII (PTPN 7), which produce commodities including sugar, palm oil and rubber.

The planned IPOs will not happen before the formation a holding company for the plantation firms, part of the State-Owned Enterprise Ministry’s grand strategy, Rajasa told reporters.

Last November, PTPN 7 said it aimed to sell a 30 percent stake via an initial public offering, worth up to 2 trillion rupiah ($164.41 million) in the second half of this year. ($1 = 12165 rupiah) (Reporting by Andjarsari Paramaditha; Editing by Anthony Barker)

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