Bisnis Indonesia, Edisi: 05-JUN-2008
JAKARTA: Meneg BUMN Sofyan A. Djalil akhirnya memutuskan privatisasi PT Krakatau Steel (KS) melalui penawaran umum perdana (initial public offering) saham baru paling lambat pada September 2008 guna meraup dana segar sebesar Rp2,05 triliun.
Meski saham KS akan dilepas di bursa efek, hal itu tidak menutup opsi penjualan kepada pemodal strategis (strategic sale), sehingga investor yang berminat bisa membeli saham BUMN tersebut.
Sofyan mengisyaratkan jumlah saham KS yang akan dilepas hanya 5% apabila situasi pasar sedang tidak kondusif. Namun, pemerintah akan menyiapkan pelepasan saham tambahan maksimal 40%.
“Kami challenge manajemen KS supaya segera mempersiapkan rencana IPO, sehingga paling lambat September tahun ini bisa dilaksanakan. Kami juga minta DPR segera memberikan izin privatisasi KS dan BUMN lainnya, mengingat sampai dengan pertengahan tahun ini masih ada 36 perusahaan negara yang belum mendapatkan izin untuk dilepas sahamnya,” ujar Meneg BUMN kemarin.
| Profitabilitas KS vs perusahaan baja sekelas (2007) |
||||
| |
KS* |
Godo Steel |
Tung Ho Steel |
Chung Hung Steel |
| Pendapatan (US$ miliar) |
1,6 |
1,07 |
1,22 |
1,44 |
| Laba bersih (US$ juta) |
39 |
85,33 |
133,5 |
81,72 |
| Margin usaha (%) |
5,85 |
10,15 |
12,9 |
8,40 |
| Margin bersih (%) |
2,43 |
7,9 |
10,9 |
5,64 |
Sumber : Kementerian BUMN & Bloomberg
Keterangan : *) Prognosa
.
Direksi KS mengusulkan rencana IPO 20% saham baru untuk meraup dana segar sebesar Rp2,05 triliun. Dana itu merupakan bagian dari total yang akan digunakan untuk membiayai pengembangan usaha KS sebesar Rp8,62 triliun. Kekurangan dana tersebut, sebesar Rp5,22 triliun, akan diperoleh dari pinjaman.Dirut KS Fazwar Bujang mengatakan direksi akan mempersiapkan IPO sesuai dengan proses yang normal. Audit laporan keuangan terbaru mungkin membutuhkan waktu dua bulan untuk mengonsolidasikan laporan dari 10 anak perusahaan, penyampaian dokumen ke Badan Pengawas Pasar Modal-Lembaga Keuangan yang memerlukan waktu 45-60 hari, dan penunjukan penjamin emisi.
“Apabila memperhitungkan proses itu, IPO Krakatau Steel paling cepat dilaksanakan pada November. Namun, kami berupaya melaksanakan itu sekuat tenaga. IPO itu sesuai dengan harapan karyawan dan manajemen Krakatau Steel,” tuturnya.
Pacu kapasitas produksi
Sofyan menjelaskan rencana privatisasi KS sudah terlalu dipolitisasi. Padahal, menurutnya, pemerintah hanya berkeinginan meningkatkan kapasitas produksi BUMN itu mencapai 5 juta ton dalam waktu dekat.
“Kami menyiapkan beberapa alternatif, tetapi karena melihat nuansa politis, kami mungkin mempercepat IPO Krakatau Steel,” ujar Sofyan.
Sementara itu, Alexander Rusli, Staf Ahli Meneg BUMN yang juga Komisaris KS, mengatakan empat investor yang berminat terhadap BUMN tersebut-yaitu Pohang Steel & Co (Posco) Korea Selatan, Blue Scope Australia, ArcelorMittal, dan Tata Steel-sudah diberitahu mengenai keputusan pemerintah yang akan menggelar IPO.
“Kami juga tetap membuka opsi investor strategis untuk masuk. Mengenai berapa jumlah saham yang akan ditawarkan ke investor strategis, masih dikaji,” paparnya.
Dari sejumlah penawaran yang masuk, menurut dia, teknologi pengolahan baja yang paling maju diterapkan oleh Blue Scope. “Setahu saya yang paling maju teknologinya adalah Blue Scope.”
General Manager Corporate Communication ArcelorMittal Haroon Hassan ketika dikonfirmasi Bisnis mengatakan perusahaannya tetap berminat masuk KS.
“Kami tetap berpatokan terhadap tiga rencana yang telah ditawarkan oleh ArcelorMittal ke Pemerintah Indonesia. Kami percaya bisa membangun kerja sama strategis dengan Krakatau Steel yang menghasilkan keuntungan bagi perusahaan baja itu, yang tidak akan didapatkan melalui IPO.”
Saat ini, menurut Haroon, ArcelorMittal menunggu respons formal dari Pemerintah Indonesia mengenai tawaran yang telah diajukan perusahaan baja kelas dunia itu.
Untuk meningkatkan kapasitas produksi tahunan menjadi 5 juta ton pada 2011, perseroan membutuhkan dana investasi Rp8,6 triliun. Produksi baja KS tahun ini hanya 2,5 juta ton.
Rasio utang terhadap ekuitas (debt to equity ratio) KS tahun lalu tercatat 1,14 kali. Tanpa memperhitungkan aliran dana hasil IPO yang diproyeksikan senilai Rp2,05 triliun, leverage tahun ini diperkirakan hanya 0,77 kali.
Norico Gaman, Kepala Riset PT BNI Securities, mengungkapkan KS memiliki potensi strategis untuk dikembangkan menjadi perusahaan baja yang besar di kawasan Asia Tenggara.
Berdasarkan laporan keuangan 2002-2007, margin usaha KS hanya 4,57%-9,82%. Margin laba bersih BUMN baja itu juga berada di kisaran 1,67%-4,41%.
Apabila melihat angka itu, profitabilitas KS sangat rendah dibandingkan dengan profitabilitas perusahaan baja sekelasnya di negara lain. (munir.haikal@bisnis.co.id/wisnu.wijaya@bisnis.co.id/redaksi@bisnis.co.id)
.
Oleh Bambang P. Jatmiko, M. Munir Haikal & Wisnu Wijaya
Bisnis Indonesia
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