"We are not going to bid. We are backing down because of governance," PLN corporate planning director Nicke Widyawati told reporters.
"We see that data on governance is not complete, and hasn't been fulfilled so we cannot provide a price proposal," she added, noting that PLN had only been interested in the assets for sale in Indonesia.
"We bought the electricity from them this whole time so actually we know their performance and we were very eager, but as a state-owned enterprise we must follow good corporate governance."
Widyawati
