Holding Mine Will be Official Effective End of November

INDUSTRY.co.id - Jakarta - Deputy for Mining Business, Strategic Industries and Media Ministry of State Enterprises Fajar Harry Sampurno said Holding BUMN Mine will be officially effective from the end of November 2017.

Harry said the holding will be effective after the approval of shareholders in the transfer of majority shares owned by the government in three state-owned holding companies namely PT Bukit Asam Tbk PT Tbam PT Antam Tbk (ANTM) and PT Timah Tbk (TINS) to PT Inalum (Persero) on 29 November 2017 at the Extraordinary General Meeting of Shareholders (EGMS).

He said Holding BUMN Mine will be effective after the "inbreng deed" (share transfer) signed by the Minister of SOEs.

"The signature of the inbreng certificate can be today or Monday (27/11) but it will be sought approval through the GMS, so officially on November 29," he said in Jakarta on Friday (24/11/2017)

Harry said the formation of holding state-owned mining company BUMN aims to increase business and funding capacity, management of natural resources of minerals and coal, increase value added through downstream and increase local content, as well as cost efficiency of synergy.

The government currently holds a majority stake in the three state-owned mining companies that have also been "go public", namely ANTM 65 percent, PTBA 65.02 percent and TINS ​​65 percent.

Majority shares owned by the government in the three SOEs are transferred to PT Inalum (Persero) which is 100 percent owned by the state. Despite changing its status, the three holding members remained treated equally with state-owned enterprises for strategic matters. The State also retains control over the three companies, either directly through bilingual shares, or indirectly through PT Inalum as stipulated in PP 72 of 2016. (Ant)