IPO to Watch: Tugu Pratama

Six years ago, then minister of state-owned enterprises Dahlan Iskan urged state oil and gas company Pertamina to sell its ownership in insurance firm PT Tugu Pratama Indonesia to existing partners or third party investors. Minister of SOEs Rini Soemarno under Jokowi-Kalla administration, however, decided to maintain Pertamina’s majority ownership, and opted an initial public offering (IPO) instead.

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