Strategic Placement dalam Privatisasi BUMN di Indonesia
STRATEGIC PLACEMENT DALAM
PRIVATISASI BUMN DI INDONESIA
TESIS
Oleh
WAWAN SUWANDI NATAMIHARSA
037005052/HK
SEKOLAH PASCASARJA
UNIVERSITAS SUMATERA UTARA
MEDAN
2006
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007
Strategic Placement dalam Privatisasi BUMN di Indonesia
Tesis
Wawan Suwandi Natamiharja
Universitas Sumatera Utara
Sekolah Pascasarjana
Magister Humaniora
2006
Intisari
Privatisasi merupakan kebijakan publik yang mengarahkan bahwa tidak ada alternatif lain
selain pasar yang dapat mengendalikan ekonomi secara efisien, serta menyadari bahwa sebagian
besar kegiatan pembangunan ekonomi yang dilaksanakan selama ini seharusnya diserahkan kepada
sektor swasta. Asumsi penyerahan pengelolaan pelayanan publik ke sektor swasta adalah peningkatan
efisien penggunaan sumber daya yang dapat dicapai.
BUMN atau badan usaha milik negara merupakan core business pemerintah, yang
sewaktu-waktu melalui privatisasi dapat dijual apabila pemerintah membutuhkan uang untuk
membayar utang atau menutup defisit APBN. Privatisasi BUMN sebetulnya menggambarkan
ketidakmampuan pemerintah untuk menjadikan BUMN profesional dan efisien, serta dapat
mensejahterakan rakyat.
Modus privatisasi ditentukan pada saat semua persiapan telah selesai dan ini merupakan
kewenangan pemerintah selaku pemegang saham, apakah akan melalui penawaran umum (public
offering atau stock-flotation), ataukah aliansi strategis (Strategic alliance) yang telah diseleksi melalui
tender, pelelangan (auction) ataupun negosiasi. Hal ini adalah untuk mencegah terjadinya kesimpang
siuran ataupun kekeruhan informasi sehingga dapat dihindari adanya pernyataan dari Direksi BUMN
bahwa yang bersangkutan lebih condong untuk memilih penawaran umum dibandingkan dengan
aliansi strategis ataupun dapat pula sebaliknya.
Terdapatnya pro dan kontra terhadap proses privatisasi adalah bentuk ketidakpercayaan
masyarakat terhadap pemerintah karena meskipun privatisasi sudah dilakukan untuk membayar utang,
tapi belum terlihat usaha-usaha pemerintah ke arah pemerintahan yang lebih baik. Di samping itu
untuk melakukan privatisasi, pemerintah perlu menetapkan secara hati-hati model privatisasi yang
sesuai dengan kondisi BUMN yang akan diprivatisasi dengan kelebihan dan kelemahan dari model
yang yang digunakan. Terdapat beberapa model privatisasi, antara lain IPO (initial publik offering)
dan direct placement. Privatisasi BUMN idealnya melalui pasar modal (IPO) karena adanya sifat
transparansi dan memberikan kesempatan yang sama bagi semua pihak untuk membeli saham-saham
BUMN, termasuk asing. Berbeda dengan direct placement yang kurang memiliki public tramparancy
dan menghilangkan peluang masyarakat untuk turut serta membeli saham-saham BUMN seperti yang
terjadi pada PT Indosat Tbk.
Kata Kunci :
Strategic Placement
Privatisasi
BUMN
* Dosen Program Magister Ilmu Hukum Sekolah Pascasarjana Universitas Sumatera Utara
** Mahasiswa Program Magister Ilmu Hukum Sekolah Pascasarjana Universitas Sumatera Utara
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007
Abstract
Privatization is a public policy kept for there is no any alternative as consequence but the
market itself may control the economy efficiently and even aware that mostly the activity of economy
development as running as longer, it should be handed over private sector. The assumption in
delivering the management of public service over private handling is perhaps an improving efficiency
in use the resources able to achieve.
The state owned corporations (BUMN) for longer is a core business held by government
however at any time by privatization shall be sold to public if the government need money in paying
off loans or at least to cover any deficit to government budget. It is noted, privatization of BUMN(s)
are acknowledged truly indicating the government failure to set those BUMN to be professional and
efficient, and get shortage in keeping the people welfare.
The privatization itself by model should be fixed whenever everything by arrangement has
been prepared well, this however is recognized a government power as the authority and as
shareholder, it shall be done either by a public offering or stock-flotation, still by a strategic alliance
that has been selected by tender stage, by an auction or in negotiation. It is in actually held to avoid
any interpretation confused or mis information, at least is to keep away any statements by Directors of
BUMN, by that way concemed as assumed tend prefer having a public offering to strategic alliance or
vice verse.
In essentially, it seemly emerged pro and contra over privatization process perhaps is assumed
own sense of public un-believed to government due to even thought the privatization has been
arranged to pay off any loan, any way it is not seen any efforts to do with privatization yet leading to
a better government. In addition; for privatization set in, the government is required arrange carefully
the model of privatization as suitable to the condition of BUMN itself, since there is weakness and
advantages by the model as adopted. There are several found models of privatization, such as IPO
(initial public offering and direct placement. The privatization of BUMN is ideally recommended by
capital-market (IPO) since there adopted transparence and perhaps offer an equal opportunity to all
side in buying shares of BUMN, even to foreigners. It shall be different with the direct placement is
known shortage having public transparency, it practices losing public opportunity to actively take part
to buy the share of BUMN as occurrence on PT. Indosat Tbk.
Key words :
Strategic placement
Privatization
BUMN
* Postgraduate Student, Law School of USU
** Postgraduate Lecturer, Law School of USU
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007
PRIVATISASI BUMN DI INDONESIA
TESIS
Oleh
WAWAN SUWANDI NATAMIHARSA
037005052/HK
SEKOLAH PASCASARJA
UNIVERSITAS SUMATERA UTARA
MEDAN
2006
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007
Strategic Placement dalam Privatisasi BUMN di Indonesia
Tesis
Wawan Suwandi Natamiharja
Universitas Sumatera Utara
Sekolah Pascasarjana
Magister Humaniora
2006
Intisari
Privatisasi merupakan kebijakan publik yang mengarahkan bahwa tidak ada alternatif lain
selain pasar yang dapat mengendalikan ekonomi secara efisien, serta menyadari bahwa sebagian
besar kegiatan pembangunan ekonomi yang dilaksanakan selama ini seharusnya diserahkan kepada
sektor swasta. Asumsi penyerahan pengelolaan pelayanan publik ke sektor swasta adalah peningkatan
efisien penggunaan sumber daya yang dapat dicapai.
BUMN atau badan usaha milik negara merupakan core business pemerintah, yang
sewaktu-waktu melalui privatisasi dapat dijual apabila pemerintah membutuhkan uang untuk
membayar utang atau menutup defisit APBN. Privatisasi BUMN sebetulnya menggambarkan
ketidakmampuan pemerintah untuk menjadikan BUMN profesional dan efisien, serta dapat
mensejahterakan rakyat.
Modus privatisasi ditentukan pada saat semua persiapan telah selesai dan ini merupakan
kewenangan pemerintah selaku pemegang saham, apakah akan melalui penawaran umum (public
offering atau stock-flotation), ataukah aliansi strategis (Strategic alliance) yang telah diseleksi melalui
tender, pelelangan (auction) ataupun negosiasi. Hal ini adalah untuk mencegah terjadinya kesimpang
siuran ataupun kekeruhan informasi sehingga dapat dihindari adanya pernyataan dari Direksi BUMN
bahwa yang bersangkutan lebih condong untuk memilih penawaran umum dibandingkan dengan
aliansi strategis ataupun dapat pula sebaliknya.
Terdapatnya pro dan kontra terhadap proses privatisasi adalah bentuk ketidakpercayaan
masyarakat terhadap pemerintah karena meskipun privatisasi sudah dilakukan untuk membayar utang,
tapi belum terlihat usaha-usaha pemerintah ke arah pemerintahan yang lebih baik. Di samping itu
untuk melakukan privatisasi, pemerintah perlu menetapkan secara hati-hati model privatisasi yang
sesuai dengan kondisi BUMN yang akan diprivatisasi dengan kelebihan dan kelemahan dari model
yang yang digunakan. Terdapat beberapa model privatisasi, antara lain IPO (initial publik offering)
dan direct placement. Privatisasi BUMN idealnya melalui pasar modal (IPO) karena adanya sifat
transparansi dan memberikan kesempatan yang sama bagi semua pihak untuk membeli saham-saham
BUMN, termasuk asing. Berbeda dengan direct placement yang kurang memiliki public tramparancy
dan menghilangkan peluang masyarakat untuk turut serta membeli saham-saham BUMN seperti yang
terjadi pada PT Indosat Tbk.
Kata Kunci :
Strategic Placement
Privatisasi
BUMN
* Dosen Program Magister Ilmu Hukum Sekolah Pascasarjana Universitas Sumatera Utara
** Mahasiswa Program Magister Ilmu Hukum Sekolah Pascasarjana Universitas Sumatera Utara
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007
Abstract
Privatization is a public policy kept for there is no any alternative as consequence but the
market itself may control the economy efficiently and even aware that mostly the activity of economy
development as running as longer, it should be handed over private sector. The assumption in
delivering the management of public service over private handling is perhaps an improving efficiency
in use the resources able to achieve.
The state owned corporations (BUMN) for longer is a core business held by government
however at any time by privatization shall be sold to public if the government need money in paying
off loans or at least to cover any deficit to government budget. It is noted, privatization of BUMN(s)
are acknowledged truly indicating the government failure to set those BUMN to be professional and
efficient, and get shortage in keeping the people welfare.
The privatization itself by model should be fixed whenever everything by arrangement has
been prepared well, this however is recognized a government power as the authority and as
shareholder, it shall be done either by a public offering or stock-flotation, still by a strategic alliance
that has been selected by tender stage, by an auction or in negotiation. It is in actually held to avoid
any interpretation confused or mis information, at least is to keep away any statements by Directors of
BUMN, by that way concemed as assumed tend prefer having a public offering to strategic alliance or
vice verse.
In essentially, it seemly emerged pro and contra over privatization process perhaps is assumed
own sense of public un-believed to government due to even thought the privatization has been
arranged to pay off any loan, any way it is not seen any efforts to do with privatization yet leading to
a better government. In addition; for privatization set in, the government is required arrange carefully
the model of privatization as suitable to the condition of BUMN itself, since there is weakness and
advantages by the model as adopted. There are several found models of privatization, such as IPO
(initial public offering and direct placement. The privatization of BUMN is ideally recommended by
capital-market (IPO) since there adopted transparence and perhaps offer an equal opportunity to all
side in buying shares of BUMN, even to foreigners. It shall be different with the direct placement is
known shortage having public transparency, it practices losing public opportunity to actively take part
to buy the share of BUMN as occurrence on PT. Indosat Tbk.
Key words :
Strategic placement
Privatization
BUMN
* Postgraduate Student, Law School of USU
** Postgraduate Lecturer, Law School of USU
Wawan Suwandi Natamiharsa : Strategic Placement dalam Privatisasi BUMN di Indonesia, 2006
USU Repository © 2007