Indonesia's PalmCo eyes IPO by yearend in one of Jakarta’s biggest this year

JAKARTA, June 12 (Bloomberg): Indonesia’s state-owned PT Perkebunan Nusantara III, also known as PTPN III, is finalizing the merger of four plantation subsidiaries into a newly setup PalmCo unit this month, then taking it public by the end of the year.

PalmCo, formed as the holding entity for PTPN’s oil palm plantation operations, is waiting for formal approval from creditors this month that would pave the way for the initial public offering process to kick off soon after, said President Director Mohammad Abdul Ghani, in an interview last week.