Three BUMN Mine Officially Melted into Inalum

INDUSTRY.co.id - Jakarta - State Minister for State Owned Enterprises (SOE) Rini M Soemarno officially signed the deed of transfer of B series shares consisting of PT Aneka Tambang (Antam) Tbk by 65%, PT Bukit Asam Tbk by 65.02%, PT Timah Tbk by 65% owned by the government to PT Inalum (Persero) in order to increase state capital participation into the company's capital. In addition to the shares of these three state-owned mining companies, the transfer of shares is also carried out on 9.36% of state-owned shares in PT Freeport Indonesia.

With the signing of the deed, Holding BUMN Mining Industry officially established with PT Indonesia Asahan Aluminum (Inalum) which is holding company of BUMN Mining Industry, and PT Aneka Tambang (Antam) Tbk, PT Bukit Asam Tbk and PT Timah Tbk become subsidiary (holding member).

"The long-term holding process that started with the roadmap of SOE development by the Ministry of SOEs to the House of Representatives Commission VI by the end of 2015 has finally come to an end and will be approved by the Extraordinary General Meeting of Shareholders of Antam, Bukit Asam and Timah simultaneously with the agenda to amend the articles of association in relation to the ownership of the Republic of Indonesia to PT Inalum (Persero) whose shares are 100 percent owned by the state," said Minister Rini at the signing of the share transfer deed in Jakarta, through his written statement on Tuesday (28/11/2017).

Rini explained that the communication process with Commission VI has been intensive, either through Hearing Meeting (RDP), Working Meeting, or several times Focus Group Discussion (FGD). In addition, after the issuance of Government Regulation No. 47 of 2017, then proceed with the administrative process including the deed of transfer of shares that have been signed.

Approval of holding BUMN Mining Industry will be taken to Antam, Bukit Asam and Tin Meeting simultaneously on November 29, 2017 in Jakarta. Although the status changed, the three holding members are still treated the same with state-owned enterprises for strategic matters.

Thus, the state retains control over the three companies, either directly through bilingual shares or indirectly through PT Inalum (Persero) as stipulated in PP 72 of 2016. All strategic things are done by the holding member companies, according to Rini, remains in state control equal to before becoming a holding member, including those related to the Parliament if it is to be privatized.

"The change of name with the loss of Persero also does not give the consequences of loss of state control and authority of service implementation to the community," said Rini added.

The establishment of the state-owned mining company BUMN, explained Rini, aims to increase business and funding capacity, management of natural resources of mineral and coal, increase added value through downstream and increase local content, and cost efficiency of synergy. The establishment of SOE holding Mining Industry, he added, is also the answer to face the challenges of global competition is getting stronger and faster.

"The existence of holding state-owned mining company BUMN will provide great benefits, certainly not only for holding companies and holding member companies, but also for the government and society," said Rini