4 Pertamina's Subsidiaries Are On The List Of 14 State-Owned Enterprises Ready To Conduct IPO

BUMN Minister Erick Thohir. (Photo: By courtesy)

JAKARTA - The Ministry of State-Owned Enterprises (BUMN) stated that a number of government companies are planning to conduct an Initial Public Offering (IPO) as a condition for releasing shares to the public.

The list states that there are 14 business entities that are ready to operate on the trading floor until 2023. This figure is an increase from the projection of BUMN Minister Erick Thohir at the beginning of the year, who said that there would be 12 state-owned companies that would go public.

"We only conduct an IPO with good SOEs", said Erick some time ago.

The fourteen corporations are Pertamina International Shipping, Pertamina Geothermal Energy, Pertamina Hulu, Pertamina Hilir, Indonesia Healthcare Corporation, Bio Farma Vaccine, Steam Power Plant.

Then, Pupuk Kalimantan Timur, EDC and Payment Gateway Himbara, Telkom Data Center, Mitratel, Inalum Operating, MIND ID, and Logam Mulia.

Meanwhile, currently, there are around 20 SOEs that are officially listed on the Indonesia Stock Exchange (IDX).

Deputy Minister of BUMN Kartika Wirjoatmodjo once said that a subsidiary of PT Telekomunikasi Indonesia (Persero) or Telkom named PT Dayamitra Telekomunikasi (Mitratel) will hold an IPO. The move was carried out as part of a state-owned company plan to seek funding.

"In the future, there are various clusters that are IPOs, strategic partners, from PT Pertamina (Persero), Telkom, Mitratel IPO", said the man who is familiarly called Tiko in a virtual discussion on HSBC Orchestrating The Next Move: Transforming Indonesia Into Asia's Next Supply Chain Hub.

However, he did not explain exactly when Mitratel will take the floor on the stock exchange. What is certain, he said, SOEs are now quite open to various funding schemes, ranging from cooperation with foreigners, the private sector, and IPOs.