Freeport Price Negotiations Still Difficult
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Freeport MeMoran Inc. said it is still seriously discussing the pricing of 51% of PT Freeport Indonesia's divestment shares with the Government of Indonesia. The company is targeting the process of negotiating the divestment share price to be completed by the end of this year.
The statement is in the exposure of Freeport McMoran's quarter III-2017 performance received. Chief Executive Officer (CEO) of Freeport MeMoran Richard C Adkerson, said that the divestment of Freeport Indonesia divestment shares is only one of the complex issues. In addition to stock valuation, the stock release process has not been determined yet.
"We are talking not only of valuation, but also the process of selling shares, including the Government of Indonesia alternative through SOEs," Adkerson wrote, Wednesday (25/10).
This statement seemed to dismiss the signals of the sale price agreement of Freeport Indonesia divestment shares as stated by the Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan Early October 2017. Jonan revealed that PT Freeport Indonesia's 100% valuation of US $ 8 billion.
Adkerson said the determination of the selling price of the divestment shares of Freeport Indonesia should look at the components as a whole, including equity and debt.
"Thus, the valuation of Freeport Indonesia is close to US $ 13 billion," he claims.
The valuation disclosed by Adkerson is actually under the previous statement from Freeport management. Previously, Freeport said that the valuation of Freeport Indonesia divestment shares in the fourth quarter of 2015 amounted to US $ 16 billion. With regard to the decline in value of the valuation, Adkerson stated that the determination of the valuation of Freeport Indonesia is fluctuating after the fourth quarter -2015.
Adkerson also said it has advised the Government of Indonesia to consider an initial public offering aka initial pulbic offering (IPO) as a divestment scheme because the divestment of Freeport Indonesia shares involves huge amounts of money. Through the IPO, the amount of funds transactions can be borne together. However, he is pessimistic that the IPO is accepted by the Government of Indonesia.
"There is an unwillingness of the government to accept our advice," he said.
Directorate General of Mineral and Coal Ministry of Energy and Mineral Resources Bambang Gatot Ariyono was reluctant to disclose the results of the last meeting with Freeport McMoran at the ESDM Ministry Office on Tuesday (24/10).
IN INDONESIA
Negosiasi Harga Jual Freeport Masih Sulit
Freeport MeMoran Inc menyatakan masih membahas secara serius penentuan harga jual (valuasi) 51% saham divestasi PT Freeport Indonesia dengan Pemerintah Indonesia. Perusahaan ini menargetkan proses negosiasi harga saham divestasi bisa selesai akhir tahun ini.
Pernyataan tersebut ada dalam pemaparan kinerja kuartal III-2017 Freeport McMoran yang diterima. Chief Executive Officer (CEO) Freeport MeMoran Richard C Adkerson, mengungkapkan, penentuan harga saham divestasi Freeport Indonesia hanya salah satu isu kompleks. Selain valuasi saham, proses pelepasan saham juga belum ditentukan.
"Kami berbicara tidak hanya valuasi, tapi juga proses menjual saham, termasuk alternatif Pemerintah Indonesia melalui BUMN," tulis Adkerson, Rabu (25/10).
Pernyataan ini seolah menepis sinyal kesepakatan harga jual saham divestasi Freeport Indonesia seperti yang disampaikan Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan Awal Oktober 2017. Jonan mengungkapkan bahwa valuasi 100% PT Freeport Indonesia sebesar US$ 8 miliar.
Adkerson mengatakan penentuan harga jual saham divestasi Freeport Indonesia harus melihat komponen secara menyeluruh, termasuk ekuitas dan utang.
"Dengan demikian, valuasi Freeport Indonesia mendekati US$ 13 miliar," klaim dia.
Valuasi yang diungkapkan Adkerson itu sesungguhnya di bawah pernyataan sebelumnya dari manajemen Freeport. Sebelumnya, Freeport meneyatakan bahwa valuasi saham divestasi Freeport Indonesia pada kuartal IV-2015 sebesar US$ 16 miliar. Ihwal turunnya nilai valuasi itu, Adkerson menyatakan bahwa penentuan valuasi Freeport Indonesia memang fluktuatif pasca kuartal IV -2015.
Adkerson juga mengungkapkan telah menyarankan Pemerintah Indonesia agar mempertimbangkan penawaran umum perdana alias initial pulbic offering (IPO) sebagai skema divestasi karena divestasi saham Freeport Indonesia melibatkan nilai uang yang sangat besar. Melalui IPO, besarnya dana transaksi bisa ditanggung bersama. Namun dia pesimistis jalur IPO diterima Pemerintah Indonesia.
"Ada ketidakmauan pemerintah menerima saran kami," katanya.
Direktorat Jenderal Mineral dan Batubara Kementerian ESDM Bambang Gatot Ariyono enggan mengungkapkan hasil pertemuan terakhir dengan Freeport McMoran di Kantor Kementerian ESDM, Selasa (24/10).
"Kami berharap Desember selesai," katanya, Kamis (26/10).
Kontan, Page-14, Friday, October 27, 2017
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