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Pertamina geothermal unit slated to go public in H1
State-owned oil and gas company Pertamina Geothermal Energy (PGE) plans to conduct an initial public offering (IPO) in Indonesia in the first half of this year, a government official has said.
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Eco-friendly energy: Two technicians of state-owned oil and gas giant PT Pertamina work on a geothermal power plant in West Java in this undated photograph. (Courtesy of Pertamina)
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tate-owned Pertamina Geothermal Energy (PGE) is expected to go public on the Indonesia Stock Exchange in the first half of this year to finance business development.
Deputy State-Owned Enterprises Minister Pahala Mansury said on Thursday that the initial public offering (IPO) was expected to raise between US$400 million and $500 million.
IPO proceeds would be used over the next three to four years to optimize power plants, develop green products and conduct exploration activities.
“PGE's IPO is targeted to be registered in March and the IPO itself will probably be in June,” he said.
Read also: Pertamina plans to invest $12b in new, renewable energy by 2026
PGE, a subsidiary of state-owned oil and gas giant Pertamina, plans to offer 20 to 30 percent ownership to the public.
The government expects the IPO to help grow geothermal energy usage to achieve a 23 percent renewable energy mix by 2025.
