Kupang, East Nusa Tenggara (ANTARA) - PT Semen Kupang, a state-owned cement company, located in East Nusa Tenggara (NTT) Province, is one of 44 state companies which will be privatized by the Indonesian government this year.
President director of PT Semen Kupang Abdul Madjid Nampira said here on Friday he had been informed about the privatization plan but he did not have the details.
"I have not received a clear picture about the privatization from the state enterprise ministry," he said. He would go to Jakarta soon to get a first-hand explanation about the plan.
PT Semen Kupang, the only industry existing in the province, recently asked for a state budget allocation of Rp50 billion to restructure its management and replace old machineries.
The company almost went bankrupt last year as it was heavily indebted to Bank Mandiri with debts reaching more than Rp159 billion.
A committee led by the economic affairs coordinating minister last January 31, 2008, announced the plan to privatize PT Semen Kupang and 43 other state companies.
The privatization was necessary to raise money to cover the state budget deficit. (*)
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