IDX Calls on House to Simplify SOE Listing Process
15 October 2015 19:42 WIB
TEMPO.CO, Jakarta-Indonesia Stock Exchange (IDX) president director Tito Sulistio called on the House of Representatives to simplify regulations for state-owned enterprises listed in the IDX.
“Honestly, we see this as government unpreparedness. We have conducted a study so that the process can be faster,” Tito said at the House of Representatives on Thursday, October 15.
Tito also called on the government to pass the law on the SOE privatization, which regulates companies to go public, as a standalone bill. According to Tito, a company that will go public is an absolute and technologically capable one.
Since 2003, there have been only eight SOEs listed in the IDX due to a lengthy verification process. PT Krakatau Steel, for example, took two years and ten months to be listed in the IDX. PT Semen Baturaja even had to wait for five years and six months.
“The fastest company [being listed in the IDX] was PT Bank Tabungan Negara that took less than two years,” Tito added.
Tito explained that lengthy discussion at the House was one of the factors causing the lengthy process. In addition, the government also contributed to the issue.
“The government halted [the process] for four years. Finally the House received it in February 2012,” Tito said.
MAYA AYU PUSPITASARI
