JAKARTA, KOMPAS.com - image of Garuda Indonesia as the national airline has suffered tremendously due to government failure in the initial public offering of shares or initial public offering. In addition must be evaluated, this failure must also be taken into consideration for the privatization of other state-owned enterprises. "Factors that there are several causes of failure and interlocked, ie the timing, bidding strategies, price and selection. This sort of thing should be to evaluate candidates and hopes were not repeated in the future, "said Vice Chairman of House Commission VI of the Indonesian Democratic Party of Struggle Aria Bima in Jakarta, Sunday (13/02/2011). The share price of PT Garuda Indonesia Tbk closed dropped to Rp 620 from the initial price of USD 750 or down about 17.33 percent correct on the first day of listing on the Indonesia Stock Exchange on Friday last week. Of the total shares offered as much as 6.335 billion shares, 3.008 billion shares, equivalent to Rp 2.25 trillion of which must be absorbed by the underwriters of issuance (joint lead underwriters) that in fact subsidiary state-owned enterprises (SOEs), namely PT Bahana Securities, PT Danareksa Securities and PT Mandiri Securities. Garuda's total shares offered is 6.33 billion shares, with total funds raised to Rp 4.75 trillion. Aria Bima rate, the government itself which eventually have to buy a stake in Garuda and not investors. Members of the House Commission XI of the PDI-P faction, Arif Budimanta, also considered, the government had violated an agreement with the Parliament to privatize the stock price per share on Garuda optimum momentum. Therefore, the Commission XI DPR plans to investigate and discuss strategies and management of this Garuda privatization with the government. "If you look at the first day of the transaction, shares of 17.33 percent GIAA corrected. The potential financial losses suffered by the subsidiaries of state-owned and worker around Rp 347 billion, "said Arif. According to the Head of Research Recapital Securities Pardomuan Sihombing, strategy and performance is not satisfactory that the three underwriters for initial public offering (IPO) to create a sense of pessimism that exaggerated the Garuda in the eyes of investors. "The fundamentals are good enough Garuda. Unfortunately, it is not exposed to the maximum during the IPO process. In fact, there are several companies that fundamentals are mediocre, but the prime listing its stock price soared from the initial price, "said Pardomuan. Mandiri Securities Managing Director Kartika Wirjoatmodjo states, the absorption of Garuda did not result in weight for their business operations. That's because the capital Mandiri Securities currently more than Rp 700 billion, with very good liquidity condition. "In 2010 we recorded a net profit that is still in the process of finalizing the audit of Rp 103 billion or increased very sharply from the previous year's net profit amounting to Rp 46 billion," said Kartika. Kartika optimistic, it would soon complete the transaction associated rights issue (preemptive rights), Bank Mandiri well. If there are associated impacts of Garuda in the stock on listing debut, it was common. Value of shares is expected to increase along with increased performance and recovery Garuda fundamental market sentiment. According Pardomuan, armed with Garuda fundamentals are good, investors will be interested in buying shares of Garuda in the secondary market. Attraction which ultimately makes the stock price increases that Garuda will be faster if driven performance improvement company. (BEN / AUD
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