Monday, November 23, 2009

Pertamina sell stakes in units in IPO

PT Pertamina may list some units onthe Indonesian stock exchange next year ahead of a plan to offer to the public a stake in the state oil company.
Pertamina may sell shares in units, including its insurance unit PT Tugu Pratama Indonesia, drilling unit PT Pertamina Drilling Services, geothermal unit PT Pertamina Geothermal Energy and energy exploration unit PT Pertamina Hulu Energi.
The state oil company plans to start following stock-market guidelines next year, including rules on financial reporting, and become a publicly traded entity by 2012.
Pertamina's profit may meet its target of 15.3 trillion rupiah ($1.6 billion) this year, depending on oil prices. Profit fall to 15.3 trillion rupiah this year from 30.2 trillion rupiah last year because of lower oil prices.

No comments: