PTPN III subsidiary plans to go public in 2018

INITIAL PUBLIC OFFERING (IPO) - JAKARTA. State-owned plantation firm PTPN IV plans to list its shares on the Indonesian Stock Exchange (IDX) through an initial public offering (IPO) next year, provided that economic and political conditions are conducive.

The president director of state plantation holding company PTPN III, Dasuki Amsir, told a press conference on Wednesday that PTPN IV was financially the most ready to go public from among its 14 plantation subsidiaries.

“We’re preparing PTPN IV to hold an IPO. About that time, we will conduct a market analysis,” he said.

PTPN IV booked a net profit of Rp 590 billion (US$43.5 million) as of October and Rp 395 billion in 2016.

The firm cultivates and processes oil palm and tea in North Sumatra.

Dasuki added that all subsidiaries of PTPN III performed well this year, which has put the holding company back in the black with Rp 921.2 billion (US$67.9 million) net profit as of October, nearly the opposite of the Rp 805.5 billion net loss it booked in the same period last year.