JAKARTA: Ministry of Stated-Owned Enterprises has no plan to replace the initial public offering (IPO) mechanism with an open auction and not allotment. Minister of SOEs Mustafa Abubakar stated until now they still use the existing mechanism, i.e. offering shares to investors through IPO. This mechanism is considered the most possible one since there is no other regulation that allows such corporate action to be done in different mechanism.It is fine to start a discourse on open auction for an IPO but the ministry still holds on to the existing mechanism, he said, today.As we know, Head of Financial Institutions and Capital Markets Supervisory Agency (Bapepam-LK) Fuad Rahmany said that it is possible for the government to regulate allotment mechanism and price formation at an IPO of an SOE through the open auction.According to him, if Ministry of SOEs and Ministry of Finance agree, Bapepam-LK is ready to facilitate teh mechanism.There are seven SOEs that are prepared to go public next year. Some of them are PT Garuda Indonesia (Persero), PT Jasindo and PT Waskita Karya, based on data compiled by Bisnis. (T05/NOM)
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