Pertamina plans IPO for Tugu Pratama
Tuesday, March 31 2015 - 12:46 AM WIB
State-owned oil and gas firm PT Pertamina is considering to launch initial public offering (IPO) for its insurance subsidiary PT Tuga Pratama Indonesia to raise proceeds to help repay debts, Kontan reported on Tuesday.
The paper quoted Pertamina President Director Dwi Sutjipto as saying that Pertamina was planning to sell shares to the public via IPO in a number of its subsidiaries with Tugu Pratama likely to be the first choice.
He argued that Tugu Pratama?s vessel insurance business is quite prospective. The company as of last year garnered US$800,000 worth of insurance premium.
Pertamina?s total debts stand at Rp 200 trillion, some of which maturing in 2020, the paper said. (*)