Jakarta – PT Pertamina Hulu Energi (PHE) is confirmed not be able to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) this year because the moment is considered inappropriate.
Deputy Minister (Deputy) I of State-Owned Enterprises (SOEs) Kartika Wirjoatmodjo confirmed this. He said the IPO momentum must consider market dynamics and oil prices because PHE’s corporate action on the IDX must wait for the right time.
“PHE’s IPO is planned for this year. But we will postpone PHE’s listing,” Wirjoatmodjo said in an official statement.
According to him, listing on the stock exchange needs the right moment to increase PHE’s selling value before going public. Currently, PHE will focus on operational optimisation, including exploring new oil wells. Therefore, PHE will be looking for investment partners.
“We will change our focus to find more investment partners. We will postpone the IPO, not this year (IPO),” said Wirjoatmodjo.
PHE will release around 5 to 10 per cent of its shares to the public in an initial public offering on the IDX targeted for this year. The share plan offered to the public is lower than the share portion conveyed by PHE President Director Wiko Migantoro during a hearing with Commission VII of the House of Representatives on 10 April 2023. (Hartatik)
