Jakarta (ANTARA News) - The government needs Rp500 billion to Rp600 billion in funds to develop state paper company PT Kertas Kraft Aceh, a minister said.
The funds would be raised through the sale of part of the government`s stake in the company to strategic investors, State Enterprises Minister Sofyan Djalil said in a hearing with the House of Representatives Commission XI on finance, national development planning, banking and non-bank financial institutions on Thursday.
The company was finding it difficult to grow due to a shortage of gas supplies, he said adding the funds would mainly be needed to replace gas-fueled machines with coal-fueled ones.
"The machines need to be changed so that the company can operate," he said.
He also said cement paper produced by PT Kertas Kraft Aceh also fell short of standards set by cement makers and that huge investment was needed to upgrade its machines.
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