Monday, August 24, 2009

Pertamina to become public non-listed company

Original source: Antara News

The government will soon issue a regulation changing state oil and gas company Pertamina into a public non-listed company, an official said.

"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.

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.