Jakarta. The government is nudging more state-owned enterprises or SOEs to go public.

At present, there are dozens of SOEs, including the state-run bank BNI and telco giant Telkom, that already have their shares listed at the Indonesia Stock Exchange (IDX). SOE Minister Erick Thohir recently nudged state-run enterprises to hold their initial public offering (IPO).

“It’s true. The more publicly-listed [SOEs], the better,” Erick told the press on the sidelines of the BNIdirect Appreciation Night in Jakarta on Wednesday, as reported by the state news agency Antara.

Erick’s statement came amidst reports of Indonesian mining holding MIND ID and its aluminum smelting subsidiary Inalum possibly getting listed at the IDX. I Gede Nyoman Yetna, the director for listing at IDX, previously said he would soon reach out to the SOE Ministry to discuss the IPO plans. However, Erick said that the IDX had yet to approach his ministry. 

“We are still waiting for [the IDX] to contact us,” Erick said.

“But I will give my support [for MIND ID-Inalum’s IPO]. I believe that MIND ID is already starting to consolidate with all of its subsidiaries, and they are [financially] healthy. Their revenue and profit are increasing,” Erick added.