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MarketScreener Homepage  >  Equities  >  INDONESIA STOCK EXCHANGE  >  PT Perusahaan Gas Negara Tbk    PGAS   ID1000111602

PT PERUSAHAAN GAS NEGARA TBK

(PGAS)
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Indonesia targets IPOs of Pertamina sub-holdings within two years

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06/12/2020 | 07:27am EDT
Worker walks past a car at a state-owned Pertamina petrol station in Bekasi, on the outskirts of Jakarta

Indonesia's State-Owned Enterprise Minister Erick Thohir said on Friday he aimed to group units of state oil and gas company PT Pertamina into "sub-holdings" and launch initial public offerings within two years.

Thohir is trying to revamp hundreds of Indonesian state companies to boost profitability, as well as improve transparency and public trust.

In the case of Pertamina, he wants to create more sub-holdings to group upstream units, as well as downstream and trading units, and prepare them to be publicly listed companies.

"The target is to have one or two subholdings to go public within two years. This is part of efforts to improve transparency and their capabilities," Thohir told a streamed news briefing.

Pertamina already has a gas sub-holding under PT Perusahaan Gas Negara.

Pertamina shareholders appointed on Friday former investment banker Iman Rachman as a director to manage restructuring and IPO preparations, Thohir said.

"Its time for consolidation and efficiencies," Thohir said, adding he hoped it would help Pertamina improve its oil and gas production and reduce refining costs.

On Friday, Pertamina shareholders also approved a new board of directors for the company, with reduced number of directors, while retaining Nicke Widyawati as the chief executive.

(This story correctc typographical error in fourth paragraph)

(Reporting by Wilda Asmarini; Writing by Fransiska Nangoy; Editing by Ed Davies)


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JUST GROUP PLC 1.09% 44.72 Delayed Quote.-44.00%
LETS HOLDINGS GROUP CO., LTD. -2.93% 8.95 End-of-day quote.48.18%
LONDON BRENT OIL -2.45% 41.86 Delayed Quote.-35.68%
LOOK HOLDINGS INCORPORATED 3.09% 900 End-of-day quote.-28.12%
PT PERUSAHAAN GAS NEGARA TBK 1.44% 1060 End-of-day quote.-51.15%
TBK CO., LTD. 4.47% 444 End-of-day quote.-2.63%
THE NEW HOME COMPANY INC. -3.91% 5.41 Delayed Quote.20.82%
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WTI -2.83% 40.23 Delayed Quote.-32.53%
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Financials (USD)
Sales 2020 2 946 M - -
Net income 2020 61,7 M - -
Net Debt 2020 1 649 M - -
P/E ratio 2020 490 741x
Yield 2020 0,00%
Capitalization 25 696 B 1 749 M -
EV / Sales 2020 8 724x
EV / Sales 2021 8 245x
Nbr of Employees 3 355
Free-Float 43,0%
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Number of Analysts 18
Average target price 0,09 $
Last Close Price 1 060,00 $
Spread / Highest target -100,0%
Spread / Average Target -100,0%
Spread / Lowest Target -100,0%
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NameTitle
Gigih Prakoso Soewarto President Director
Arcandra Tahar President Commissioner
Arie Nobelta Kaban Finance Director
Redy Ferryanto Director-Technology & Infrastructure
M Irwan Santoso Head-Information Communication &Technology
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