Indonesia targets IPOs of Pertamina sub-holdings in two years

Indonesia targets IPOs of Pertamina sub-holdings in two years

Jakarta, Indonesia. Photo: Bayu Syaits/unsplash

Indonesia‘s State-Owned Enterprise Minister Erick Thohir said on Friday he aimed to group units of state oil and gas company PT Pertamina into “subholdings” and launch initial public offerings within two years.

Thohir is trying to revamp hundreds of Indonesian state companies to boost profitability, as well as improve transparency and public trust.

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