Staff Of Special Staff Erick Says Red Plate Companies Don't Lack Funds Even Though They Don't Have IPOs In 2024

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

TANGERANG - The initial public offering (IPO) of State-Owned Enterprises (BUMN) is reportedly not going to run in 2024. Even so, SOEs are considered not to lack funds.

The number of SOEs that are predicted to be in preparation for the IPO are PT Pertamina Hulu Energi (PHE), PT Pupuk Kaltim, PalmCo, and PT Indonesia Asahan Alumnum (Inalum).

Special Staff III of the Minister of State-Owned Enterprises or BUMN Arya Sinulingga explained that seeking funds is not the only reason for SOEs to take the floor on the Indonesia Stock Exchange or IDX.

"The IPO doesn't make them short of funds, does it? No. Because we are aiming for expansion. The IPO is an expansion," he said when met at Soekarno-Hatta Airport, Tangerang, Banten, Tuesday, January 30.

Furthermore, Arya said, there were many options to get funding. Therefore, he said, the IPO of state-owned companies that will not be listed in 2024, is not a problem.

"Funding has several options, it could be a joint venture, looking for a strategic partner," he said.

Previously, the plan for the initial public offering (IPO) of PT Pupuk Kaltim and PT Pertamina Hulu Energi (PHE) had not been realized. In fact, initially the target of 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.