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Friday, March 16, 2012 15:03 WIT
Two subsidiaries of Pertamina to go public: Dahlan

Jakarta (IOGNews) - Two subsidiaries of state-owned oil and gas company PT Pertamina, PT Pertagas and PT Pertamina Drilling Services, are preparing to go public this year.

"Pertagas and Pertamina Drilling are better prepared than the others to conduct an initial public offering this year," State Enterprises Minister Dahlan Iskan said at his office here on Thursday.

He disclosed that initially Pertamina had prepared PT Pertamina Geothermal Energy (PGE) but the plan was canceled because Pertamina and PLN (state-owned power company) were still trying to make PGE their subsidiary.

Only when it becomes a subsidiary of PLN and Pertamina, will PGE be pushed to seek its own funding through bond issuance.

"So, it is Pertagas and not PGE that has been considered better prepared," Dahlan said.

Although Dahlan has revealed the names of Pertamina`s subsidiaries ready to go public this year, Pertamina`s President Director Karen Agustiawan has still not announced them in public.

She admitted that Pertagas and Pertamina Drilling would go public but did not mention when it would happen.

"Of the two companies, only one will go public this year. Not both of them," she noted. Karen also did not mention how many shares would be released.

She added, "We are still exploring the option, so please wait.(Antara)

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