JAKARTA (TheInsiderStories) – The state-owned enterprises (SOEs) ministry prepared 12 companies, subsidiaries, and grandchild to list the shares (IPO) on the Indonesia Stock Exchange starting this year until 2023, the minister said last week. Erick Thohir revealed that the corporate action is in line with the long-term roadmap of his office.
While, CEO of energy holding company, PT Pertamina, Nicke Widyawati, said the state firm plans to list one of its business units in the third or fourth quarter of 2021. She said, the discourse is being studied for the IPO are shipping operator, PT Pertamina Trans Kontinental, and renewable energy units, PT Pertamina Power Indonesia and PT Pertamina Geothermal Energy.
Currently, listed companies under the compay are PT Perusahaan Gas Negara Tbk (IDX: PGAS), PT Elnusa Tbk (IDX: ELSA), and PT Asuransi Tugu Pratama Indonesia Tbk (IDX: TUGU). Beside Pertamina, various SOEs shares also will offer to the global investors through Indonesia Investment Authority (INA).
Some of the assets are PT Dayamitra Telekomunikasi (Mitratel), a unit of telco operator, PT Telkom Indonesia Tbk (IDX: TLKM) and PT Bank Syariah Indonesia Tbk (IDX: BRIS). Deputy minister for SOEs, Kartika Wirjoatmodjo, has said the plans is part of the sovereign wealth fund’ medium-term investment strategy to offers various choice of assets to the investors.
The other assets prepared by the ministry are venture capital firms, PT MDI Ventures, PT BRI Ventures, PT Mandiri Capital, also LinkAja and startup companies managed by the SOEs. Telkom has announced to list Mitratel shares in the last quarter of this year, or not later than the first quarter of 2022.
The unit is engaged in the telecommunications infrastructure and managed more than 34,000 towers. After the IPO, the provider has the potential to become the largest tower company in Indonesia.
As reported, the government pledged SOEs shares of Rp50 trillion (US$3.57 billion) at INA and injected fresh capital Rp10 trillion in the sovereign wealth fund body. The establishment of this institution aimed to seize the investment opportunities and alternative solutions for development financing in the country.
In the first quarter of this year, the new agency is expected to raises new investment around $20 billion. The optimism come after government do their efforts by approached the potential investors, such as United Arab Emirates (UAE), Japan, Britain, Germany, and United States.
INA will serve as government-owned private equity that can be used as investment vehicle for the global investors, especially for infrastructure project development. The form of the new investment body regulated at the Omnibus Law for Job Creation.
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