Indonesia Energy Corp Ltd (INDO)

[FACT-MASTER]

https://www.cnbcindonesia.com/market/20240112095133-17-505077/ipo-bumn-update-terbaru-dari-phe-pkt-dan-palmco

Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) confirmed that there has been no submission of documents for the Initial Public Offering (IPO) of BUMN entities in early 2024.
Inarno Djajadi, Chief Executive of Capital Market, Derivative Financial and Carbon Exchange Supervision, said that the Minister of BUMN, Mr. Erick Thohir, had said that he wanted BUMN companies to carry out an IPO in 2024. However, until now no application documents had been received by the OJK.

"Until now, there has been no registration statement to the OJK regarding the BUMN IPO," said Inarno in a written answer to the OJK RDKB, quoted Friday, (12/1/2024).

Read: Ganjar: BUMN Can't Have Grandchildren!
However, he is optimistic that the Ministry of BUMN will continue to encourage state-owned companies to go public while monitoring developments in capital market conditions.

"We can say that the OJK will officially convey the names of prospective issuers when all documents are sufficient by granting publication permits," he said.

Previously, Special Staff to the Minister of BUMN, Arya Sinulingga, revealed that during Erick Thohir's leadership as Minister of BUMN, only two BUMN companies had carried out an initial public offering (IPO).

"There are only two (issuers) Mitratel and Pertamina Geothermal Energy. Because we want to IPO, the market conditions are not good, so why not?" he said.

They don't want future BUMN IPOs to end like Waskita. Arya revealed that one of the reasons for PT Waskita Karya (Persero) Tbk's finances. (WSKT) unhealthy is unpreparedness in carrying out corporate actions in the capital market, including initial public offering (IPO).

Read: OJK Boss Says About Potential Delisting of Waskita and WIKA
According to him, there were errors in the management of the use of funds from the IPO of the state-owned construction company.

In fact, the BUMN Ministry is predicted to carry out an IPO for PT Pertamina Hulu Energy (PHE), PT Pupuk Kalimantan Timur (PKT), and Palm Co in 2023. However, until now, there has been no latest news regarding this plan.