10-Mar-2011 10:43 AM

Indonesia downsizes plans for state IPOs

Indonesia's Government had previously to make as many as 10 state-owned enterprises public in 2011, but deputy minister for state-owned enterprises, Pandu Djajanto stated: "I have talked with parliament and have asked for permission to list only one state-owned enterprise in 2011. It's more realistic" (Financial Times, 09-Mar-2011). Mr Djajanto blamed global market uncertainties, including political upheaval in the Middle East and the sharp rise in oil prices. "We will be selective and conservative with external factors like this," the minister said. Garuda reportedly is the only company to issue shares in 2011.