Pertamina Geothermal Energy IPO Targeted to be Done This Month
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14 February 2023 01:06 WIB
TEMPO.CO, Jakarta - Deputy Minister of State-Owned Enterprises, Pahala Nugraha Mansury, hopes that the initial public offering (IPO) of Pertamina Geothermal Energy (PGE) can be completed by the end of February 2023. Pahala said that the corporate act has reached the stage of finalizing the underwriting agreement.
"The IPO is aimed at allowing PGE to develop [renewable energy] for the purpose of significantly raising the capacity of new renewable energy in electricity," Pahala said in a work meeting with the House of Representatives Energy Commission on Monday, Feb. 13.
PGE president director Ahmad Yuniarto said that in the IPO they will float up to 25 percent of the issued and fully paid capital after the IPO. The initial offer period was from February 1 to 9.
"PGE will float a maximum of 10.35 billion ordinary shares with offering prices between Rp820 and Rp945," Ahmad said in a press conference on February 1.
From the IPO, PGW is targeting up to Rp9.78 trillion in proceeds that will be used for capital expenditure (capex) and debt payments.
In 2023, PGE is preparing a new investment of US$250 million from an estimated capex of just US$60 million in 2022. For 2024, the company has prepared US$ 350 million.
RIRI RAHAYU
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