PT Pelabuhan Indonesia II (Pelindo II), a state-owned port operator in Indonesia, is planning to put some of its top-performing subsidiaries on initial public offering (IPO) ahead of expansion plans for its ports.
Of the five subsidiaries slated to go public, four (Tanjung Priok, Car Terminal Indonesia, Multi Terminal Indonesia, and Container Terminal) will release shares by 2016. Stakes in the fifth subsidiary will be offered by end-2017.
“[Each of the companies] will probably release between 20 and 25 percent of their shares,” Pelindo II president director Richard Joost Lino said in Jakarta recently.
Pelindo II operates 14 subsidiaries, and the five set to present IPOs generate up to 60 percent of the operator’s revenues, said Lino. The holding company itself will not be offered to the public.
The company is spearheading the development of the Kalibaru Port, also known as New Priok, among others. The project is seen to ease overcapacity at Tanjung Priok and is expected to open its first three terminals by the end of 2016.