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NEWS UPDATES 22 August 2009

Indonesia energy giant to become public non-listed company

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Indonesian government will soon issue a regulation changing state oil and gas company Pertamina into a public non-listed company, state news agency Antara quoted an official as saying.

"A draft of the government regulation has been submitted to the State Secretariat for further discussion with the Law and Human Rights Ministry," Secretary of the State Enterprises Ministry Said Didu said here on Friday.

Once the government regulation took effect, the management of Pertamina`s finance would become more transparent, he said.

"Pertamina does need to sell (shares) to the public, but the public will know each corporate action of the company," he said. But he declined to reveal when exactly the regulation would be issued.

The government had initially set itself a target of changing Pertamina into a public non-listed company early this year. But the plan dragged on for a few months as the company still had to complete the audit of its financial statement.

Pertamina Corporate Secretary Toharso said recently the company had appointed PT Mandiri Sekuritas and Melidarsa as its financial advisers.

"We hope the audit can be completed shortly before the government regulation is issued," he said.

He said a beginning financial statement which was a prerequisite for the company to change itself into a public non-listed firm was no longer a stumbling block.

"The re-audit of the financial statements for the 2003-2005 period by Ernst & Young has been completed," he said.

Said Didu said a number of state-owned companies had the chance to change into public non-listed companies. One of them was state electricity company PLN.

"In principle, public non-listed companies are based among others on the criteria of assets, sensitiveness to the market and the ability to serve the public," he said.



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