What is the Market Capitalization of State-Owned Enterprises' Subsidiaries?

The market capitalization of four state-owned enterprises (SOEs) subsidiaries listed on the Indonesian Stock Exchange (IDX) reached Rp 38.04 trillion. Based on IDX data, the largest market capitalization among SOE subsidiaries was recorded by PP Properti at Rp 12.58 trillion, while the smallest was Wijaya Karya Beton at Rp 4.92 trillion.

Meanwhile, the combined market capitalization of listed SOEs and their subsidiaries reached Rp 1,706.78 trillion, or approximately 26.56 percent of the total Jakarta Stock Exchange market capitalization of Rp 6,426 trillion.

Previously, the Ministry of SOEs targeted nine SOE subsidiaries to list their shares on the IDX, with an estimated Rp 21 trillion to be raised from initial public offerings (IPOs). However, the realization of these SOE subsidiary IPOs is likely to be postponed until the end of the year.