5 Indonesian state firms to launch IPO

JAKARTA, June 24 (Xinhua) -- At least five Indonesian state-owned enterprises are expected to launch the initial public offering (IPO) this year as part of the government's privatization drive, an official said Tuesday.

"We do hope that five state firms will launch the IPO this year," Minister for State-Owned Enterprises Sofyan Djalil told reporters here.

The IPO, however, must get approval from the House of Representatives.

"The plan is being cooked at the House and still not concluded yet," he said,

The five state firms include three plantation firms (PTPN 1, 2 and 3), the country's largest metal industry PT Krakatau Steel and BTN Bank, said Sofyan.