Jakarta. State-owned mining holding company Mineral Industri Indonesia (MIND ID) is set to go public on the Indonesia Stock Exchange (IDX) within the next two years.

"No SOEs or their subsidiaries are scheduled for an IPO this year, but MIND ID is a potential candidate for the next two years," Deputy Minister of State-Owned Enterprises (SOEs) Kartika Wirjoatmodjo, commonly known as Tiko, said during the “CFO Club Indonesia” event at The Westin Jakarta on Wednesday.

The ministry plans to list several holding companies on the stock exchange as a means to improve governance and risk management within state-owned enterprises.

MIND ID includes state-run mining firms such as Bukit Asam (PTBA), Timah (TINS), Aneka Tambang (ANTM), Vale Indonesia (INCO), and Freeport Indonesia.

In addition to MIND ID, other state-owned enterprises under consideration for public listing include Pelabuhan Indonesia (Pelindo) and Aviasi Pariwisata Indonesia (InJourney). According to the 2023 consolidated financial report, the combined assets of these three BUMN holdings reached Rp 476.82 trillion.

Tiko explained that transitioning to a publicly listed company requires integrated financial governance, including oversight of its subsidiaries. “Previously, there was a lack of comprehensive oversight, leading to fraud at the subsidiary level. Now, we are addressing this comprehensively,” he said.

Tiko hopes that through these steps, BUMN companies such as Pelindo, which has been merged, InJourney, which integrates all airports and tourism, Garuda Indonesia (GIAA), and MIND ID will become global leaders within the next five years.

This transformation is expected to enhance transparency and operational efficiency while positively impacting the national economy by attracting more domestic and international investment.

In its financial performance, MIND ID reported a net profit of Rp 27.5 trillion, marking a 22.4 percent increase from the 2022 fiscal year and 36.3 percent higher than the 2023 work plan and budget.

The total assets of MIND ID also grew by 13 percent year on year (YoY) to Rp 259.2 trillion, accompanied by an 18 percent YoY increase in equity to Rp 129.6 trillion.

From January to December 2023, MIND ID produced approximately 41.90 million tons of coal, 15,300 tons of tin ingots, 214,900 tons of aluminum, 13.44 million tons of nickel, 21,500 tons of ferronickel, 2.01 million tons of bauxite, and 1.2 tons of gold.

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