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Pertamina is asked to postpone its IPO plan

30 June 2020 14:08

JAKARTA - PT Pertamina (Persero) was asked to cancel its initial public offering (IPO) plan due to the impact it might have on the Indonesian people. That was said by a number of members of the Commission VII of House of Representatives during a hearing meeting (RDP) in Jakarta, yesterday.

Kardaya Warnika, Member of Commission VII reminded PT Pertamina not to violate the law in its IPO plan. "Regarding the IPO, Pertamina should not violate the law when running its activities," he said on Tuesday (30/6)

According to him, Pertamina could not just follow the steps of SOEs whose subsidiaries had conducted an IPO such as PT Pelindo (Persero) II. Therefore, he asked Pertamina to review the plan.

Mulyanto, another member of Commission VII said the government must be careful in releasing its sub-holding company's shares because it manages strategic businesses that may affect the lives of many people.

"Minister of SOEs should not rush to release shares of Pertamina's sub-holding company. since the business managed by the sub-holding is not an ordinary business, but a business that is related to the basic needs of the Indonesian people. So the plan must be studied carefully, not only from the perspective of economic sovereignty but also from the point of view of national resilience, "he said. (LK/AR)

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