Shares of Three State-Owned Enterprises to Mine Ownership End of November

INDUSTRY.co.id - Jakarta - Three state-owned enterprises, PT Aneka Tambang Tbk (ANTM), PT Bukit Asam Tbk (PTBA) and PT Timah Tbk (TINS) will make changes to the articles of association in relation to the ownership ownership of PT Inalum (Persero) mine.

Deputy for Mining Business, Strategic Industries and Media at BUMN Ministry Fajar Harry Sampurno in a press release in Jakarta on Saturday (18/11/2017) said the changes will be discussed in the General Meeting of Shareholders (EGM) of three holding companies held November 29, 2017.

"So, the RUPSLB will be the main agenda for shareholders' approval of a change of shareholders to PT Inalum (Persero) which is 100 percent owned by the state," he said.

Despite changing status, Harry explained that the three holding members are still treated the same as state-owned enterprises for strategic matters so that the state retains control, either directly through dwiwarna shares, or indirectly through Inalum.

It is regulated in Government Regulation 72 of 2016 concerning Procedures of Equity Participation and Administration of State Capital in SOEs and Limited Liability Companies.

Harry said the formation of holding BUMN mining is expected to provide benefits to all stakeholders with the creation of state-owned mining industry with a larger scale of business so as to compete on a regional scale.

The synergy of BUMN mining is also expected to improve the efficiency and financial strength so as to facilitate the development of business especially in the field of downstream.

Deputy of Business Infrastructure at the State Ministry of State-Owned Enterprises Hambra affirmed that all strategic matters undertaken by the holding company of permanent members in state control are the same as prior to becoming a holding member, including those related to the House of Representatives if it is to be privatized.

The change of name with the loss of "Persero" also does not provide consequences of loss of state control and authority of service delivery to the public.

There are also related to the provisions in the field of capital market, in the implementation of the transaction plan, ANTM, PTBA and TINS, respectively, shall not perform the obligation to conduct mandatory tender offer as regulated in Bapepam-LK Regulation no. IX.H.1 concerning the Takeover of Open Companies.

Hambra continued that despite the major shareholder changes in each of the subsidiaries, there was no change of control because PT Inalum as the new shareholder was 100% owned by the Republic of Indonesia.