JAKARTA: State oil company PT Pertamina (Persero) is waiting for better market condition to proceed with the initial public offering of its subsidiary, PT Tugu Pratama Indonesia, besides waiting for approval from Ministry of State-Owned Enterprises (SOE).All requirements for the initial public offering of the insurance company have been prepared, said Pertamina Finance Director M. Afdal Bahaudin.The state-owned oil and gas company has planned to realize the IPO of Tugu Pratama in the first half of 2011. Earlier, Minister of SOEs Mustafa Abubakar expected that the IPO of subsidiaries of state-owned companies will be done as soon as next year, including that of Tugu Pratama Indonesia.As the minister has confirmed it to be next year, we will follow, while waiting for the market condition, Afdal said today.Other than Tugu Pratama, Pertamina is preparing the IPO of other subsidiary, namely PT Pertamina Hulu Energi (PHE).Tugu Pratama has planned for an IPO since 3 years ago, but the plan had been dropped. Pertamina owns 65% shares in the insurance company, while PT Sakti Laksana Prima has 17.60% shares, Siti Taskiyah 12.15%, and Mohamad Satya Permadi 5.25%. From the corporate action, Tugu Pratama is expected to generate IDR750 billion, which will be used to develop company business to regional level, such as countries in Asia.Moreover, Pertamina is preparing IPO of PT Pertamina Eksplorasi dan Produksi (EP) at which it will release 20% to 30% of the sharesto public. (T04/NOM)
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