Capital Market Observer: Many SOEs Are Successful In Becoming Open Companies

Capital market observer Irwan Ariston Napitupulu said that many state-owned companies have succeeded in becoming open companies, including BRI, BNI, Bank Mandiri, Aneka Tambang, and Bukit Asam.

"The BUMN is good. Financial reports are good, performance is increasing," he said in Jakarta, quoted from Antara, Sunday, February 11, regarding the initial public offering (IPO) of one of the BUMN's subsidiaries, namely PT Pertamina Geothermal Energy (PGE).

According to him, one of the key companies that enter the stock exchange floor, namely during the IPO and what is quite important is the valuation.

If the price offered is competitive, he continued, it will be attractive to potential investors, for example BRI when many IPOs compete for their shares.

In addition, Iwan mentioned what is very important, namely the funds obtained, should be used for capital and investment. Such conditions can happen, if the company is in good health, without problems.

"Thus, the funds obtained are used optimally to increase capital expenditure and investment. This is different for companies that initially had problems, for example IPOs to save from the large amount of debt," said Irwan in his statement.

If from the start it was healthy, he continued, of course the performance would improve when becoming an open company, as happened with BRI, BNI, Bank Mandiri, Antam, Bukit Asam, and others.

"The performance of banking issuers is very good. From the Financial Statements, it can be seen. Meanwhile, the mining ones are also good. It could be because international prices are really good," he said.

According to Irwan, one of the factors that play a role in improving the performance of issuers is the principle of transparency, because with openness, the company is more controlled.

"If it has not gone public, it will not be discovered, whether there are irregularities or not. But if it goes public, it will be monitored so that it is more professional. That is what makes performance increase and hopefully it will be more efficient," he added.

Regarding share ownership, according to him, this has not changed, it will not switch to private or foreign parties, especially if the number of shares released is relatively small, for example around 20-30 percent.

"With this condition, it does not change the policy line of the parent company. The majority are still state-owned enterprises, the government. For investors, the term is only a share of sustenance," he said.

In fact, he added, employees can also own the shares of the issuers where they work, for example through employee cooperatives and so on. They can also submit to the board of directors.

Meanwhile, capital market observer Adler Haymans Manurung also said that many SOEs entered the stock exchange floor and in the end reaped success, because this could not be separated from the principle of openness.

"There are many benefits with the IPO. One of them is that the company will be transparent, especially in the financial report. This condition will trigger the company's performance and ultimately the employees will also benefit," he said.

With transparency, he continued, the public can find out the company's financial performance. Including employees can also see the report.

It is different for a closed company or not an IPO, because in a company like this, directors do not need to show their performance reports. As a result, employees also cannot see the company's performance.

"And by knowing the condition of the company, they can consider whether it is time to ask for an increase in salary. In addition, employees can even buy company shares," he said.