Pupuk Kaltim And PHE Tak Kunjung IPO, Ini Penjelasan Stafsus Menteri BUMN

Special Staff to the Minister of State-Owned Enterprises (BUMN) Arya Sinulingga. (Photo: Mery Handayani/VOI)

The initial public offering (IPO) of PT Pupuk Kaltim and PT Pertamina Hulu Energi (PHE) has not been realized.

In fact, initially the target for listing the shares of the two BUMN subsidiaries was carried out this year.

Special Staff to the Minister of SOEs Arya Sinulingga revealed that Pupuk Kaltim has not yet implemented the IPO because it will carry out reorganization first.

"Later, after that, we will see if it really has to be an IPO or cooperated to look for investors, right," he said, quoted by reporters on Thursday, October 19.

According to Arya, the development of Pupuk Kaltim can also be done with several options, not only through an IPO.

One of them is cooperation with the Indonesia Investment Authority (INA) or the Investment Management Institution (LPI).

"We could cooperate, for example with INA, or we'll see more IPO. But this is after reorganization first, then we can find out about the process," said Arya.

Meanwhile, continued Arya, PHE's IPO has not been running because it is related to world oil prices. According to Arya, the current market condition is still unstable

"PHE is related to world oil prices, the current situation we see is still unstable in the market, we will calculate the stable market later," he explained.

Initially, the PHE IPO plan appeared in conjunction with the Pertamina Geothermal Energy (PGE) IPO.

However, PGE itself has listed its shares on February 25, 2023. Arya admitted that the condition of PHE and Pertamina Geothermal Energy (PGE) was quite different.

Furthermore, Arya explained, the difference is because PGE manages a business related to renewable energy whose market is indeed developing well, while PHE is engaged in the fossil energy sector.

"So regarding PHE we are still waiting, it's a bit different from PGE. PGE is indeed renewable energy so it's quite interesting, don't be surprised he's good," he explained.

Even though the PHE IPO has been confirmed to be canceled this year, Arya ensures that PHE continues to prepare for the IPO.

"But the technical preparations of PHE's friends have been carried out, but we'll see how the market is," he said.

Previously reported, Deputy Minister of State-Owned Enterprises (BUMN) I, Kartika Wirjoatmodjo said, the IP or initial share offering of Pertamina's Upstream Subholding, PT Pertamina Hulu Energi (PHE) was not carried out this year.

For your information, previously the listing of the initial shares of PT Pertamina (Persero) subsidiary on the Indonesia Stock Exchange (IDX) was targeted to be held this year.

Tiko, Kartika Wirjoatmodjo's nickname, said that the decision to postpone the PHE IPO was after his party conducted an assessment or review.

According to Tiko, now is not the right time for PHE to be listed on the IDX.

"Kita lagi mereview PHE listing kan yah, jadi kita akan turun listing-nya PHE, nanti sampai menunggu momentum di market," ujar Tiko kapada wartawan, di Jakarta, Rabu, 26 Juli.