The President of Indonesia has approved plans by the Ministry of State-Owned Enterprises to create holding companies for state-owned companies active in the oil, mining, financial services and food sectors.
A "super holding" company will be set to control all Indonesian state-owned companies with US$320bn in assets, similar to the sovereign wealth fund Khazanah Nasional in Malaysia. It will replace the Ministry of State-Owned Enterprises, acting as a parent company for 199 large state-owned companies by 2019. In a first phase, Indonesia will create five holding companies in energy, mining, toll-road infrastructure, housing and financial services sectors.
PT Pertamina will be the holding company for activities in the oil and gas sector, with publicly-listed gas distribution company PT Perusahaan Gas Negara (PGN) acting as one of its units. State-owned companies active in the mining sector will operate under state-owned aluminium producer PT Inalum.
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