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.

In the case of Pertamina, he wants to create more subholdings to group upstream units, as well as downstream and trading units, and prepare them to be publicly listed companies.

“The target is to have one or two subholdings to go public within two years. This is part of efforts to improve transparency and their capabilities,” Thohir told a streamed news briefing.

Pertamina already has a gas sub-holding under PT Perusahaan Gas Negara <PGAS.JK>.

Pertamina shareholders appointed on Friday former investment banker Iman Rachman as a director to manage restructuring and IPO preparations, Thohir said.

“Its time for consolidation and efficiencies,” Thohir said, adding he hoped it would help Pertamina improve its oil and gas production and reduce refining costs.

On Friday, Pertamina shareholders also approved a new board of directors for the company, with reduced number of directors, while retaining Nicke Widyawati as the chief executive.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.