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Indonesia to jump on IPO boom by listing 14 state-owned companies

Fundraising drive to improve competitiveness and replenish coffers

Pertamina workers load and unload fuel at a terminal in Pematang Siantar, Indonesia. Subsidiary Pertamina International Shipping is set to debut on the stock market by next year.   © Reuters

JAKARTA -- A fossil fuel shipper and a geothermal energy firm are among the 14 state-owned companies that the Indonesian government plans to list in the stock market by 2023 in an effort to both improve management and replenish public coffers drained by the coronavirus response.

Indonesia is home to over 100 SOEs, according to the government. Out of that number, 34 are already being traded on the stock market -- mainly those in key industries like transportation and energy. With an IPO boom going on here now, the government believes the timing is right to tap private investment money for a new round.

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