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Economy in brief: Showa Denko quits Antam’s partnership
Japanese chemical producer Showa Denko KK has quit partnering with state diversified miner PT Aneka Tambang (Antam) due to the low performance of bauxite and mineral producer PT Indonesia Chemical Alumina (ICA)
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apanese chemical producer Showa Denko KK has quit partnering with state diversified miner PT Aneka Tambang (Antam) due to the low performance of bauxite and mineral producer PT Indonesia Chemical Alumina (ICA).
In a press release issued on Monday, Antam said the company was evaluating its investment in ICA, following the departure of Showa Denko because of ICA’s below expectation profit and productivity levels.
Antam has an 80 percent stake in ICA, while its Japanese counterpart controls 20 percent.
“Even though discussions have taken place, Antam and SDK [Showa Denko] did not reach a satisfying agreement, so SDK chose to end its partnership with Antam in ICA,” the release said.
The Japanese firm has expressed its intent to sell its stake to Antam or another third party.
ICA is located in Tayan, West Kalimantan.
