Three SOEs Form Joint Subsidiary

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  • TEMPO.CO, Jakarta – Three state-owned companies (BUMN)—state construction firms PT Pembangunan Perumahan (PT PP), PT Waskita Karya and state-owned port operator PT Pelindo I— have formed a subsidiary called PT Prima Multi Terminal, which provides port services. In order to establish the subsidiary, PT PP spent RP52.2 billion and secured 30 percent of the total shares.

    PT PP financial director Tumiyana said the participation of other companies was a form of a synergy between BUMNs. “This synergy added more value for stakeholders,” said Tumiyana on Tuesday.

    The establishment of the subsidiary was also meant for company investment development. PT PP particularly works with PT Pelindo I in port development and management.

    According to Tumiyana, PT Prima Multi Terminal was officially established on September 26, 2014 and approved by the Legal and Human Rights Ministry on September 29, 2014. The amount of the basic capital is Rp580 billion.

    The stakeholders consist of PT Prima Multi Terminal with 30 percent, PT Pelindo I 55 percent, and PT Waskita Karya 15 percent. “This company is located in Kuala Tanjung, Medan,” said Tumiyana.

    PT PP already has several subsidiaries, among them PT PP Property, which will go public next year. The amount of shares offered to the public was at the tune of 20-35 percent and the company aims at obtaining Rp1.5 trillion-1.7 trillion. The funds will be used for property business development. 

    FAIZ NASHRILLAH