Regarding PHE's IPO, IDX Awaits Follow-up

Indonesia Stock Exchange (Photo: Doc. Antara)

PT Bursa Efek Indonesia (IDX) has confirmed that the PT Pertamina Hulu Energi (PHE)'s Initial Public Offering (IPO) plan is still ongoing.

IDX Corporate Assessment Director I Gede Nyoman Yetna said PHE's IPO is still in the IDX pipeline.

"Of course we are waiting for further developments from PHE itself," said Nyoman quoting Antara.

Along with that, currently, his party is still waiting for a follow-up to the subsidiary of PT Pertamina (Persero) regarding its corporate action plan.

"So, officially on our PHE pipeline. We are waiting for an update from PHE, in the event that there are certain changes," said Nyoman.

Meanwhile, related to the planned IPO sub-holding of palm oil owned by PT Perkebunan Nusantara III (Persero) or PTPN III, namely Palmco, Nyoman said that the IDX had not yet received documents related to the company's planned IPO.

"What is mentioned (Palmco) has not provided documents, PHE is waiting for developments," said Nyoman.

Previously, President Director of PT Pertamina (Persero) Nicke Widyawati said the PHE IPO was one of Pertamina's efforts to increase the market cap to 100 billion US dollars.

In its corporate action later, Pertamina Hulu Energi in gadang-gangdang has the potential to obtain fresh funds of IDR 20 trillion, or become the largest IPO this year.

Along with the IPO action, the company plans to acquire a number of oil and gas blocks, one that is being completed is the acquisition of 35 percent of Shell's participation rights in Blok Masela.

Previously, one of Pertamina's subsidiaries, PT Pertamina Geothermal Energy Tbk (PGE), officially listed its initial shares on the IDX in February this year, earning Rp9.05 trillion in funds.

The corporate action is an effort to support PGE's plan to develop the company's installed capacity of 600 MW (mega watt) until 2027.