Jakarta. Two subsidiaries of state-owned oil company Pertamina announced Wednesday they will conduct new stock issuance to the public for the first time.

Healthcare service company Pertamina Bina Medika and oil tanker operator Pertamina International Shipping seek to raise fresh capital to expand businesses with the initial public offering.

“We plan to build an international hospital in Bali inside the special economic zone and a cancer hospital at Padjajaran University,”  Pertamina Bina Medika CEO Mira Dyah Wahyuni said in a hearing with House of Representatives Commission VI overseeing state-owned companies.

She said the company also plans to upgrade two more hospitals in East Kalimantan and South Sumatra, as well as renovate seven existing hospitals.

Pertamina Bina Medika is part of state-run hospital holdings known as Indonesia Healthcare Corporation. 

In addition, the company will acquire a number of hospitals run by other state-owned companies including Semen Padang Hospital, Antam Medika Hospital, Garam Hospital, Semen Gresik Hospital, and PTPN 3 Pamela Hospital.

Mira said the company has established a strategic partnership with global healthcare service operators such as US-based Mayo Clinic.

“We are set to become the first in Southeast Asia to be linked to Mayo Clinic Care Network,” Mira said.

In the same hearing, Pertamina International Shipping CEO Yoki Firnandi said the IPO will support the company’s ambition to become a global player in the shipping and marine logistics industry.

Yoki said the company’s operational area covers mostly the Asia Pacific and Middle East regions but it plans to expand the global reach to Europe.

“We are transforming our businesses to make them healthy and keep growing. When we go public, investors will get a clear picture of our business units, operational areas, and prospect,” Yoki said. 

Both executives didn’t say when exactly the IPO will be held, but Yoki said he hoped it can be materialized in the next two or three years.