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fter acquiring stakes in Sugih Energy, Dana Pensiun Pertamina (Dapen Pertamina) '€” the pension fund of state-owned energy firm Pertamina '€” is eyeing two other listed oil and gas companies and a listed property firm to be added to the company'€™s portfolio, according to its top official.

Helmi Kamal Lubis, CEO of Dapen Pertamina, told reporters on Monday that the pension fund was looking to boost and generate returns to its assets under management, and the move would involve acquiring a number of companies.

The companies to be acquired, he said, would all be publicly listed, and he wanted Dapen Pertamina to have controlling shares in each of the firms.

'€œWe are eyeing public companies because we want the transaction to be transparent,'€ he told reporters.

Helmi said that at least three companies would be acquired this year, two of which would be oil and gas firms through newly added subsidiary Sugih Energy.

He said that after his company acquired Sugih Energy, the latter received loan offers from five foreign financiers, including Credit Suisse and Deutsche Bank, with commitment amounting to US$400 million.

He said that the company would use half of the money to develop Sugih Energy'€™s existing assets, and the remainder to acquire two oil and gas firms, targeting to purchase 40 percent stake in one company and 20 percent in the other. He refused to name the targeted companies.

Dapen Pertamina holds an 8.1 percent stake in Sugih Energy after purchasing stake in the oil and energy firm through a direct stock-market transaction early last month, which reflects around Rp 780 billion in investment. The transaction made Dapen Pertamina a majority shareholder with voting rights.

'€œWe want to develop Sugih Energy both through organic and inorganic ways,'€ he explained.

The other firm, he said, would be a property company, and Dapen Pertamina had prepared Rp 800 billion to purchase around 20 percent stake of the targeted developer.

He said that his company was currently eyeing three property firms that sold houses with prices under Rp 500 million in satellite areas.

'€œOnce we purchase the property company, we are going to develop around 40,000 houses for our retired Dapen Pertamina members with a cash-back scheme,'€ Helmi explained.

Dapen Pertamina'€™s website said that it had more than Rp 10 trillion in assets under management and a 29.93 percent return of investment (ROI) as of last year. It was established in 1969 and is one of the largest pension funds in Indonesia and Asia.

The company made entry in 2014 into oil and gas service firm Elnusa, which is 41 percent owned by Pertamina. Dapen Pertamina currently had around an 18 percent stake in Elnusa, said Helmi.

Helmi said his company invested in Sugih Energy to support Elnusa by finding an oil and gas company to receive its services.

Following the transaction to acquire Sugih, Dapen Pertamina appointed former Pertamina upstream director Muhammad Husein to replace Sugih president director Andhika Anindyaguna.

Dapen Pertamina also purchased a 5 percent stake in publicly listed broker Kresna Graha Sekurindo in September, part of its strategy to boost capital gain.