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Jakarta Post

Minister initiates mining SOEs shares transfer to Inalum

  • Anton Hermansyah
    Anton Hermansyah

    The Jakarta Post

Jakarta   /   Tue, November 28, 2017   /   03:02 pm
Minister initiates mining SOEs shares transfer to Inalum State-Owned Enterprises Minister Rini Soemarno (JP/Wendra Ajistyatama)

State-Owned Enterprises (SOEs) Minister Rini Soemarno has signed on Tuesday a document officiating the establishment of state-owned aluminum producer PT Indonesia Asahan Alumninium (Inalum) as the holding company of state mining companies.

"The process of establishing the holding company started in 2015, when the SOE Ministry presented its SOEs development roadmap to the House of Representatives," Rini said on Tuesday, after signing the shares transfer document at her office in Jakarta.

Under the document, Inalum will own 65 percent shares in PT Aneka Tambang (Antam), 65.02 percent shares in PT Bukit Asam, 65 percent shares in PT Timah and 9.36 percent shares in PT Freeport Indonesia.

Read also: Lawmakers reject state mine holding establishment

“An  extraordinary shareholders' meeting will be held jointly among Antam, Bukit Asam and Timah to officiate the shares transfer to Inalum, which is 100 percent owned by the government,” Rini said, adding that the meeting would be held on Nov. 29 in Jakarta.

She stressed that the government and the House would still retain control over the companies under Inalum, as before the shares transfer.

“Despite removing ‘Persero’ [state-owned company] from their names, the companies will still be under the government's control and will still adhere to their public service obligations," she said. (bbn)