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Indonesia pressing ahead with SOE mergers

Widodo looks to shape up state-owned companies ahead of foreign onslaught

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A view of state-owned oil company Pertamina's refinery in Cilacap, Central Java, Indonesia   © Reuters

JAKARTA -- The Indonesian government has laid the legal groundwork for consolidation of the country's more than 100 state-owned companies, hoping to make them more competitive amid a wave of deregulation that may bring more foreign rivals into the country.

A new regulation approved by President Joko Widodo on Dec. 30 but only revealed to the public Wednesday creates a legal basis for transferring the government's stake in one SOE to another company appointed as a holding entity without parliamentary approval. 

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