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Sunday, February 12, 2006

PPA Hopes Govt to Set Monetary Value of 800 Properties

Bandung, W. Java (ANTARA News) - A senior Asset Management Company or PT PPA executive here Saturday called on the finance minister as the keeper of some 800 properties to officially set their monetary value within the next one or two months, so that they can be sold within the shortest possible time.

"The properties market value as determined by an independent appraiser has already been submitted to the finance minister and now we hope the minister can issue a decree on their value within the next one or two months,` Raden Pardede, PPA vice president director, said at a seminar.

As long as the minister had yet to issue a decree on the properties monetary value, PPA would not be able to meet the target of its contribution to the state budget, he said.In 2006, PPA was expected to contribute no less than Rp2.35 trillion to the state budget.

Pardede said PPA was hoping to be able to sell the 800 properties as soon as possible because the operational cost of the properties had surpassed the operational cost of other assets under the PPA management.As the settlement team of the Indonesian Bank Restructuring Agency (IBRA) had completed its task, there would be additional 3,100 assets handed over to PPA.

Pardede said, PPA had to spend Rp150 billion on operational cost of which more than 50 percent had been used to operate the assets while the properties could contribute only 20 percent of PPA`s total target contribution to the state budget.

"The rest, we obtain from shares and credit assets," Pardede said.The Director of Credit and Property assets of PPA, Rahmat Saptaman meanwhile said it would be very difficult to increase the assets value.

Feb 11 20:14

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