JAKARTA - Deputy Minister of State-Owned Enterprises (BUMN) I, Kartika Wirjoatmodjo said that the initial public offering (IPO) or Pertamina's Pertamina Upstream Subholding initial share, 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.
Furthermore, Tiko said that the decline in oil prices was also another reason for holding PHE to be listed on the Stock Exchange market. He emphasized that the momentum of the IPO must consider market dynamics and oil prices.
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"We are waiting, because the momentum of this IPO is two sides, the market and the price of oil. So we will be postponed until the time is right," he explained.
While waiting for the right time for the IPO, Tiko said the Ministry of SOEs encourages PHE to focus on optimizing operations, one of which is by exploring new oil wells.
"Because now the oil price is down again, and we see that we will focus on operational improvement, so at PHE we will encourage it to increase exploration and drilling so that production increases and new wells can be found," he said.
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