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View all search resultsDanantara wants 12% Freeport stake to bolster state ownership
Freeport Indonesia said negotiations on the government's planned acquisition of additional company shares are ongoing.
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This handout photo taken and released on March 17 by the Indonesian Presidential Palace shows an aerial view of the smelter facility operated by PT Freeport Indonesia, the world's largest integrated precious metal refinery, during Indonesian President Prabowo Subianto's visit to inaugurate the facility in Gresik, West Java. (AFP/Indonesian Presidential Palace)
S
tate asset fund Danantara is pursuing an additional 12 percent stake in PT Freeport Indonesia to increase the state ownership in the gold and copper mining giant.
To date, the government, through state mining holding MIND ID, controls 51 percent of Freeport Indonesia’s shares with United States-based Freeport McMoRan controlling the remaining 49 percent since 2018.
If successful, the acquisition is slated to raise the Indonesian government’s total ownership to around 63 percent.
Danantara chief executive officer Rosan Roeslani noted that technical discussions for the share acquisition are now in their final stages.
“My target is 12 percent,” Rosan said, as reported by Bisnis.com, without detailing the transaction’s value.
“I will talk about this later, because it's almost finalized,” he added, saying that an official announcement is pending President Prabowo Subianto’s directive.
When questioned if the President had approved the figure, Rosan hinted that he had proposed the higher target. He assured that the acquisition would not burden the state budget, quipping, “Free of charge, great, right?”
