Indonesian president approves plans to form state holding companies: minister

[JAKARTA] Indonesia's president Joko Widodo has approved plans to create holding companies for state firms in oil, mining, financial services and food sectors, State-Owned Enterprise minister Rini Soemarno told reporters on Friday.

"The president hopes the future industrial development will be done by state-owned companies," Ms Soemarno said.

PT Pertamina will be the holding company in oil and gas sector, and publicly-listed gas distributor PT Perusahaan Gas Negara will be one of its units, Ms Soemarno said.

State aluminium producer PT Inalum will be the holding company for mining sector, while PT Danareksa will be the holding in financial service sector.

REUTERS