Impressed Forced, Inalum Does Not Match to Become Holding BUMN Mining
By : Kormen Barus And Aldo Bella Putra | Saturday, February 24 2018 - 16:00 IWST
PT Indonesia Asahan Alumunium (Inalum)
INDUSTRY.co.id - Jakarta, Economist of University of Indonesia, Faisal Basri considers PT Indo Asahan Alumunium (Persero) or Inalum not suitable to be a holding company of State Owned Enterprises (BUMN) in mining sector.
The reason Faisal Basri, Inalum is not suitable because the company is engaged in the Industry or downstream not moving in the field of mines (upstream).
According to him the formation of the holding impressed impressed because Inalum has a different market structure with mining companies under it.
According to Faisal, the market structure of aluminum, alumina, bauxite, and coal cannot be equated.
"Export-oriented coal and domestic, aluminum is also export oriented and domestically, bauxite is mostly exported, so the market structure is different, if forced to become strange," he explained.
According to Faisal, Inalum should synergize with downstream industries, such as with industries that utilize aluminum products, for example aircraft and automobile industries.
Deputy of Mining Business, Strategic Industries and State-Owned Enterprises, Fajar Harry Sampurno, said the establishment of holding companies from mining SOEs 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 in scale regional.
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.
Meanwhile, Deputy of State-Owned Enterprises of Infrastructure, Hambra, said that despite the change in status, the three holding members are still treated with SOEs for strategic matters so that the state retains control over the three companies, either directly through dwiwarna stock or not directly through
PT Inalum (Persero) which is 100% owned by the state. It is regulated in PP 72 of 2016.
All strategic things undertaken by member holding companies, all remain under state control equal to before becoming a holding member, including those relating to the House if it is to be privatized, Hambra said.
According to him, the change of name with the loss of Persero also does not give the consequences of loss of state control and authority of service delivery to the community.
In relation to the provisions in the capital market sector, 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.
This is because despite the change of the main shareholders in each subsidiary, there is no change of control since PT Inalum as the new shareholder is 100% owned by the Republic of Indonesia.