Indonesia exchange eyes state, foreign firms for IPOs

July 21, 2009

    JAKARTA, July 21 (Reuters) – Indonesia Stock Exchange wants several foreign-owned natural resources firms and state-owned enterprises to list, in a bid to lift market capitalisation and liquidity and woo investors, the exchange head said on Tuesday.
   Ito Warsito, who took over as president director earlier this month, told Reuters in an interview that he would encourage U.S. mining giants Freeport McMoRan Copper & Gold Inc. <FCX.N> and Newmont Mining Corp <NEM.N> to list their Indonesian units, which he estimated would be worth billions of dollars.
   He said he would also push for the government to list more of the state-owned enterprises, including lender Bank Tabungan Negara (BTN), national carrier Garuda Indonesia, Krakatau Steel, oil and gas giant Pertamina’s various subsidiaries, and plantations firms.
   Warsito said he would also address the concerns of foreign investors over the lack of adequate hedging instruments by relaunching various derivatives contracts, and would push for demutualisation of the exchange. ($1=10,040 Rupiah) (Reporting by Tyagita Silka, Editing by Sara Webb) ((; Reuters messaging:; +6221 384 6364 ext 901))
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Tuesday, 21 July 2009 11:38:56RTRS [nJKB001287] {C}ENDS

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