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Jakarta Post

Antam may opt for rights issue to fund projects

  • Alfian

    The Jakarta Post

Jakarta   /   Wed, April 21 2010   /  11:30 am

State-owned mining company PT Aneka Tambang may carry out a rights issue to raise up to US$2.98 billion to finance six major projects, president director Alwin Syah Loebis told lawmakers Monday evening.Alwin said the rights issue would reduce the government’s ownership in the country’s second biggest nickel producer, so he would request approval from the shareholders.The Indonesian government holds 65 percent shares of Antam, while private investors hold the remaining 35 percent of the shares. Antam’s shares are traded on the Indonesian Stock Exchange (IDX) as well as on the Australian Securities Exchange (ASX).In a bid to boost its profits, the company is planning to expand operations and develop six major projects, which include a bauxite processing plant in Tayan, West Kalimantan. The project, aiming at producing chemical grade alumina (CGA) from bauxite reserves, requires aroun...