Indonesia to get more Freeport shares
Energy Minister Purnomo Yusgiantoro said it's almost likely that Indonesia will get another 15% shares of the mining giant Freeport Indonesia.
While it's not clear yet whether the 15% shares would be for free or at a price. But Investor Daily reported on Saturday that the short term target is to get 9.36% shares once offered to government but then 'captured' buy local conglomerates. The government apparently has to buy those shares, not for free.
Currently Indonesia government owns 9.36% shares in Freeport. The company once divested 10% shares to Indonesian groups (initially Bakrie Group, then transfered to Bob Hasan during Soeharto years) but Freeport bought back the shares due to Hasan's default on payments to loans from Freeport.
State-owned mining company PT Aneka Tambang Tbk once proposed to acquire Freeport's 9.36% share through share swap with government shares in the company. But government turned down the offer and Aneka Tambang pulled out accordingly.
Freeport spokesperson Siddharta Moersjid said the 9.36% shares currently hold by PT Indocopper Investama may has the value of US$1 billion.
Director general of mining Felix Sembiring indicated that the buyer of 9.36% would not necessarily government of Indonesia, but could be Indonesian private-owned companies. Rumors said that Bumi Resources, a company linked to Bakrie Family, might enter the transaction after it divested two coal mining giants for US$3.2 billion.
Whoever, the move to get more shares could be considered a compromy amid pressures from nationalist groups to close down Freeport's operation. No Morales Way here!
While it's not clear yet whether the 15% shares would be for free or at a price. But Investor Daily reported on Saturday that the short term target is to get 9.36% shares once offered to government but then 'captured' buy local conglomerates. The government apparently has to buy those shares, not for free.
Currently Indonesia government owns 9.36% shares in Freeport. The company once divested 10% shares to Indonesian groups (initially Bakrie Group, then transfered to Bob Hasan during Soeharto years) but Freeport bought back the shares due to Hasan's default on payments to loans from Freeport.
State-owned mining company PT Aneka Tambang Tbk once proposed to acquire Freeport's 9.36% share through share swap with government shares in the company. But government turned down the offer and Aneka Tambang pulled out accordingly.
Freeport spokesperson Siddharta Moersjid said the 9.36% shares currently hold by PT Indocopper Investama may has the value of US$1 billion.
Director general of mining Felix Sembiring indicated that the buyer of 9.36% would not necessarily government of Indonesia, but could be Indonesian private-owned companies. Rumors said that Bumi Resources, a company linked to Bakrie Family, might enter the transaction after it divested two coal mining giants for US$3.2 billion.
Whoever, the move to get more shares could be considered a compromy amid pressures from nationalist groups to close down Freeport's operation. No Morales Way here!
Labels: Bakrie, Bumi Resources, COAL, FREEPORT, Purnomo Yusgiantoro, SOEHARTO Inc
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posted by yosef at 1:42 PM
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