DKI prepares IPOs for Bank Jakarta, PAM Jaya, keeps majority stake
The majority-stake rule will be written into a bylaw to keep strategic control of the two regional companies from shifting to public investors.
The DKI Jakarta provincial government is preparing initial public offerings, or IPOs, for Bank Jakarta and PAM Jaya, but says it will retain a majority stake in both regional companies. DKI Jakarta Governor Pramono Anung Wibowo said the provision will be included in a bylaw now being proposed, so there will be no transfer of management or authority to any other party. He said the IPOs are meant to strengthen the management of the regional companies. By becoming publicly listed, Bank Jakarta and PAM Jaya are expected to improve transparency, accountability and professionalism, while also meeting disclosure obligations and governance requirements under capital market rules.