Two power firms plan IPO next year

Two power companies owned by two state-controlled firms plan to launch initial public offering (IPO) next year to raise funds to finance expansion drive, Bisnis Indonesia reported on Thursday.

The paper, quoting document from the Office of the State Minister of State Owned Enterprise, said that the two power firms include PT Krakatau Daya Listrik, a subsidiary of state-controlled steel maker PT Krakatau Steel Tbk, and PT PP Energi, a recently set up subsidiary of state-controlled construction and engineering firm PT Pembangunan Perumahan Tbk.

This is part of an overall plan by 12 subsidiaries of state-owned companies to launch IPOs next year to raise a total Rp 17.1 trillion in proceeds, according to Deputy of the Office of the State Minister of State Owned Enterprises, Aloysius Kiik Ro.

He said that PT Tugu Pratama Indonesia, a general insurance company, which is a subsidiary of state-owned oil and gas firm PT Pertamina, is also planning to launch IPO next year. (*)