Already On The Stock Exchange, Erick Thohir Admits 6 Out Of 28 SOEs Are Not Maximum

Minister of SOEs, Erick Thohir. (Photo: Doc. Ministry of SOEs)

JAKARTA - The Ministry of State-Owned Enterprises (BUMN) noted that of the 28 state-owned companies that have listed their shares on the Indonesian capital market, there are 6 state-owned companies that are still not optimal.

SOE Minister Erick Thohir said that the initial public offering (IPO) policy of a number of state-owned companies was the decision of the previous shareholder or before he led the Ministry of SOEs.

Furthermore, Erick emphasized that although this was done before he became a minister, he would still oversee the performance of issuers in the capital market.

"There are issues that we have learned that there are 28 SOEs that have gone public, but 6 are not optimal," he said in a meeting with Commission VI, at the DPR Building, Parliament Complex, Senayan, Thursday, December 2.

But unfortunately, Erick was reluctant to specify the names of issuers which he said were not optimal even though they had an IPO.

In addition, Erick Thohir said that within 2021-2020 there are a number of SOEs that will list their shares on the Indonesia Stock Exchange (IDX). However, his party first reviewed and studied a number of aspects of these companies. Including, a significant impact on company performance and the national economy.

"We also do not want to IPO SOEs that are not optimal," he said.

The list of SOEs that will conduct IPOs for 2021-2022 include a subsidiary of PT Adhi Karya (Persero), PT Adhi Commuter Properti (ADCP). The company will list its shares on the primary market in December 2021.

Currently, said Erick, the Ministry of SOEs as the majority shareholder is waiting for a decision from the Financial Services Authority (OJK) and the Ministry of Finance (Kemenkeu) regarding the company's IPO.

Then, there is a subsidiary of PT Pertamina (Persero), PT Pertamina Geothermal Energy (Persero). The Ministry of SOEs ensures that the IPO will be carried out in the next quarter II-2022. Then, other Pertamina subsidiaries that also listed their shares on the primary market are PT Pertamina International Shipping (Persero), PT Pertamina Hulu Energi (Persero), PT Steam Power Plant (Persero), and PT Pertamina Downstream (Persero).

Then, in the Health sector that will be IPO there are PT Indonesia Healthcare Corporation (Persero) and Bio Farma (Persero). Then, BUMN in the telecommunications sector, apart from PT PT Dayamitra Telekomunikasi or Mitratel (Persero) which first conducted the IPO, another Telkom subsidiary that followed was PT Telkom Data Center (Persero).

"If we look at 2021, there is a Mitratel that has taken place (IPO) and indeed today it is still under pressure, but we are confident that we will continue to make improvements," he said.

Then, the agriculture and mining sectors, PT EDC and Payment Gateway (Persero), PT Pupuk Kalimantan Timur (Persero), PT Inalum Operating (Persero), PT MIND ID (Persero), PT Logam Mulia (Persero).

Not only that, Erick also confirmed that a subsidiary of PT Krakatau Steel (Persero) Tbk (KRAS) would be listed on the primary market. The listing of shares will be carried out by a subsidiary in the industrial estate sector. Currently, KRAS is conducting consolidation and restructuring. The three KRAS subsidiaries with the most potential for an IPO are PT Krakatau Tirta Industri, PT Krakatau Bandar Samudera, PT Industrial Estate.