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NEWS UPDATES 27 October 2009

Indonesia’s state energy firm considers going public in 2013

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Indonesia’s State oil and gas company PT Pertamina is exploring the possibility of selling shares to the public (IPO) in early 2013, Antara news agency quoted the company’s chief as saying.

"Yes ... we are preparing for an IPO," Pertamina President Director Karen Agustiawan said at the Ministry for State Owned Enterprises here Monday.

She, however, did not specify the process of the plan, including how many Pertamina shares would be released to the public. Pertamina`s IPO plan was submitted to the government a week earlier, on October 19, she said.

Previously, speaking after a general shareholders` meeting, Agustiawan had said Pertamina would become a non-listed public company in early 2010.

Pertamina had completed a financial audit on its finances on the 2003-2005 period as a condition to become a non-listed public company, she said. Thus, Pertamina as a public company was already listed at the Capital Market Supervisory Agency-Financial Institutions (Bapepam-LK) but not selling shares at the bourse.

"After becoming a non-listed public company in the next three years, Pertamina can go public," she said.

It was reported that based on its IPO plan, Pertamina had appointed Mandiri Securitas and Melidarsa as its financial advisers.


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