JAKARTA (rambuenergy.com) – State owned oil and gas company mulls a plan to float the shares of its general insurance unit PT Tugu Pratama as a move to restructure the group’s business. Tugu Pratama provides protection against risks that may arise in the process of a shipbuilding up to marine cargo activities.
President Director of PT Pertamina Dwi Sutjipto said the company is considering to drive some of its subsidiaries to go public through initial public offering (IPO) at the Indonesian Stock Exchange (IDX).
“We are still studying such possibility. It could be Tugu Pratama,” Sutjipto was quoted by Kontan daily as saying during a seminar on Monday.
He argued that Tugu Pratama engages in a business that offer bright prospects.
PT Tugu Pratama Indonesia (TPI) was established on Nov. 25, 1981. In its initial period, TPI focused its business on insurance against risks in the national oil and gas industry, particularly insurance coverage of the assets owned by PT Pertamina (Persero) as the principal company. (*)