PLN subsidiaries going public

President of state electricity firm PLN Kuntoro Mangkusubroto said that the company was preparing its subsidiaries PT PJB I and PT PJB II to launch initial public offering (IPO).

Given the satisfactory performance of the two companies, PLN planned to first list PJB I next year, followed by PT PJB II, Kuntoro said in a seminar on Monday.

"Our goal is turn this two companies to two world-class electricity operators in the coming three years," he said.

The subsidiaries managed several PLN power plants in Java and Bali. (*)