Pertamina plans to sell more subsidiaries to public
Friday, February 8 2008 - 01:17 AM WIB
After PT Elnusa, state-owned oil and gas company PT Pertamina plans to sell part of its ownership in two other subsidiaries to the public through an initial public offering (IPO) this year.
"Hopefully, the IPO could be carried out in the third quarter of this year," Pertamina's Finance Director Frederick Siahaan told reporters following the listing of PT Elnusa in the Indonesian Stock Exchange Wednesday.
Frederick said Pertamina has yet to decide which subsidiaries the firm would sell through IPO.
He noted however that of the company's 19 subsidiaries, at least two of them had met the criteria to list their shares in the stock exchange, that is insurance company PT Tugu Pramata and property company PT Patra Niaga. In order to be able to float its shares in the stock market, a company should book profits at least in three consecutive years, he added. (godang)