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PT Rajawali Nusantara Indonesia, the country’s largest state-owned agricultural company, said that it planned to list some of its subsidiaries on the stock exchange as early as next year if the government approved its Rp 1.725 trillion ($186 million) debt-restructuring scheme.

“We have a plan to list some of our subsidiaries on the Indonesia Stock Exchange next year or in 2012,” Bambang Priyono, RNI’s president director, said on Friday. “The model would be like PT Phapros [a pharmaceutical subsidiary that RNI has already listed] and we will focus on many of our healthy subsidiaries in the agricultural sector.”

RNI owns 53 percent of Phapros, while the rest is owned by the investing public.

Bambang said the company would list subsidiaries rather than the whole group as it was still struggling to restructure its debt.

RNI is a holding company with assets worth around Rp 4.2 trillion, which manages 15 subsidiaries involved in agriculture, the pharmaceutical industry and medical equipment.

“We will seek shareholder approval for the plan but it will not require permission from the House of Representatives as we’re only [looking to list] subsidiaries,” Bambang said.

He said the plan would be subject to the successful completion of RNI’s debt restructuring scheme, which was submitted to the government last year and is awaiting approval.

“It’s now at the policy committee of the Finance Ministry after having been approved by the technical committee and the State-Owned Enterprises Ministry,” Bambang said.

The debts in question were incurred during the last years of the Suharto regime and consisted of loans taken out by the government and then channeled to RNI.

Last October, the Jakarta Globe reported that, according to a leaked document from the SOE Ministry, it had approved the proposal from the company to resolve its massive debt, which RNI has been unable to repay since 2004.

Under the debt-restructuring deal with the government, RNI has been given 18 years to repay its debt.

RNI’s Rp 1.725 trillion of debt consists of principal borrowing of Rp 675 billion and Rp 1.05 trillion in interest and charges.

According to the leaked document, the principal must be repaid to the government within six years while the interest and charges will be paid over 12 years after the principal has been repaid.

“I hope that it will be resolved this year so that we can focus on developing the company,” Bambang said, adding that the proposal only needs the approval of the Finance Ministry.

But Olly Dondokambey, the chairman of House of Representatives Commission XI, which oversees finance, reiterated on Sunday that any large restructuring of debt involving taxpayer money must be approved by the House.

“I have not heard anything from the government about this since October,” Olly said. “They will need to talk to us and we will need to ask the Supreme Audit Agency to check the plan and RNI itself before we can come to any conclusions.”

Contrary to Bambang’s comments, Olly said that, by law, all state debt-restructuring deals involving more than Rp 100 billion must be approved by the House.

RNI’s liabilities are part of Rp 14.5 trillion in problematic debts owed by the country’s state firms to the government, according to the SOE Ministry.

The company recorded revenue of Rp 4.5 trillion in 2009, with earnings before interest, tax, depreciation and amortization of Rp 280 billion. It is expected to increase its revenue to Rp. 5.5 trillion this year.