Five state-owned enterprises that needs injection funds are among others PT. Bank DKI (Rp. 450 billion), PT.Kawasan Berikat Nusantara (PT.KBN), (Rp.350 million), PT.Jakarta Industrial Estate Pulogadung (Rp.150 billion), PT.Pal Sarana Jaya (Rp.33 billion), and PT.Asuransi Bangun Askrida (Rp.10 billion). "The result of our analysis is that money from the divestment is allocated for the Government Capital Investment, although the procedure is through the Regional Budget. However, it is expected to be directly ‘floated' to the Government Capital Procedure in 2011 Regional Budget." said Ratna Ningsih, Head of Bureau of Economy of the Jakarta Provincial Government, yesterday.

According to him, injection funds from Jakarta Provincial government to those provincial administration-owned enterprises (BUMD) is urgent considering that each of them has their own business development agenda for the future. Take Bank DKI, for example. It needs more funding to strengthen its capital structure and to fund its business expansion in an effort to extend its micro credit coverage. In the meantime, PT.KBN needs more funding for the reclamation plan for the development of Tanjung Priok business unit within the scheme of the development of Marunda special economic zone. PT. JIEP needs Rp 150 billion of fund for the plan to build motor generator in the region that is part of the business expansion plan in which 50% of its shares is owned by Jakarta administration.

Also with PT. Pal Sarana Jaya, Ratna said that it needs injection funds to build infrastructures of this shipyard company for the next one year. "Actually, they have obtained Government Capital Investment from the amended Regional Budget this year amounting to Rp.15 billion, but they hope they will be given an additional Rp. 18 billion to construct bigger business zone infrastructures.

Last but not least is PT Asuransi Bangun Askarida which needs Rp. 10 billion of injection funds to add the composition of the ownership of Jakarta administration's shares, which is only 5.54%. "It's an option offered to PT.Askrida; if the Jakarta administration is not willing to divest, the composition of the shares will be offered to the owner of the majority shares."

Ratna added that the proposal to disburse the divestment fund for Government Capital Investment of these BUMD is very urgent given the fact that these enterprises, which are owned by Jakarta administration, are very potential to be the source of income. Moreover, these five enterprises have always contributed biggest dividends.

Furthermore, 6 other provincial administration-owned enterprises (BUMD) ready to be divested are PT.Jaya Nur Sukses, PT.Rheem Indonesia, PT. Alakasa Industrindo, PT.Pakuan Internasional, PT.Alakasa Industrindo, PT.Pakuan Internasional, PT.Bumi Grafika Jaya, and PT.Determinan Indah. (MEP)

Adapted from Bisnis Indonesia, Monday, November 1, 2010

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