Jonan: Freeport Will IPO After Divest 51%
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Minister of Energy and Mineral Resources (EMR) Ignasius Jonan stated that PT Freeport Indonesia can prepare an Initial Public Offering (IPO) of shares in the Indonesia Stock Exchange (IDX).
However, before it is realized, Freeport Indonesia is required to complete the 51% divestment of its shares to the Indonesian side.
Jonan said, in principle, the government and Freeport have agreed to immediately complete the 51% divestment. Therefore, the implementation to take over some of these shares will be done soon. The 51% divestment of Freeport shares will be implemented gradually in accordance with President Joko Widodo's direction and in line with existing capabilities.
"Once the matter of divestment is completed, one day Freeport Indonesia will list its shares (listing) on BEI. The picture is about so, so the divestment of their shares must be completed first, after which then IPO shares, "said Jonan at BEI Building, Jakarta, Tuesday (7/11).
He further explained that Freeport Indonesia's 51% divestment mechanism will last more than one stage.
"Only the cumulative amount will reach 51%. Until now we can not assume when the settlement, but hope as soon as possible, "he asserted.
The first phase of the divestment offer is to the central government, then offered to the Regional Government of Papua, BUMN, and private national business entities. While the IPO becomes the last option. Negotiations with the US company were originally scheduled to expire on October 10, 2017, but then extended for three months or until January 10, 2018. Detailed discussions on the divestment scheme were made by the Ministry of SOEs and the Ministry of Finance (MoF) on time-release schemes and stock prices.
The government currently has only 9.36% of Freeport Indonesia's shares. The details of divestment and taxation will also be included in the attachment of the Special Mining Business License (IUPK) of Freeport Indonesia, which is one of the largest gold and copper mines in the world.
Related to the potential of Freeport Indonesia to conduct IPO shares, Jonan said he could not explain the valuation of the company. Based on the records, the valuation of the divestment shares of Freeport Indonesia has not reached an agreement. That's because Freeport wants mineral reserves up to 2041 included in the calculations. On the other hand, the government wants the calculation valuation of shares of the US company is based on fair market value without entering mineral reserves.
Early last year, Freeport's management proposed a price of US $ 1.7 billion (then around Rp 23 trillion) for only 10.64% of Freeport's shares offered to the Indonesian government. The second stage divestment was finally canceled because the government considered Freeport's price too high.
Previously, President Director of PT Bursa Efek Indonesia (BEI) Tito Sulistio asserted, it can not estimate how valuation of Freeport Indonesia shares if one day the company is an IPO. However, Tito asserted, the calculation of Freeport Indonesia stock valuation will depend on the assessment of investors in the future.
"There is no Freeport Indonesia company that is floating on the BEI, because the composition of Freeport Indonesia's production is different, for example from the content side there and here. So, BEI can only give an indication of valuation, but after that the investor will decide how the most appropriate valuation for Freeport Indonesia, "said Tito.
Freeport Indonesia has gold reserves of 25.8 million ounces in Papua mines or 98.5% of total gold reserves in Freeport Mc-Moran's mine of PT Freeport Indonesia's parent company worldwide. Meanwhile, the world's total gold reserves of 26.1 million ounces. Freeport Indonesia also has copper reserves of 26.9 billion pounds in Papua mines.
Right Steps
Contacted separately, Recapital Sekuritas Indonesia analyst Kiswoyo Adi assessed the government's move was appropriate by encouraging PT Freeport Indonesia to conduct IPO shares on the Indonesia Stock Exchange (BEI) after the completion of the divestment of shares 51% to the Indonesian side.
"If the IPO after the divestment business is complete, then the valuation of its shares can include the calculation of mineral reserves because it already belongs to the national. Unlike with the 51% divestment of Freeport shares, the government only wanted to calculate the valuation of shares based on Freeport's business value, without including reserve factor, "said Kiswoyo
However, according to Kiswoyo, it is still difficult to assess the valuation of Freeport Indonesia's shares during its initial public offering.
"Freeport IPO has potential to attract investors because it is a gold and copper mining company in the world. But, how big the market absorption, depending on how the initial stock price calculation later, whether considered expensive or cheap, "he said.
Similarly, Head of Research at Paramitra Alfa Sekuritas Kevin Juido argues that Freeport Indonesia's IPO plan will attract investors. Moreover, when there is information about the number of shares and the price.
"It will be interesting, especially if there is already information about how many shares and prices. But if this time, certainly a bit difficult to predict, "he said.
Kevin explained that Freeport Indonesia contributed considerable business to its parent, Freepot McMoran, based in the United States (US). Even Freeport Indonesia penetration reaches 25-30%.
"So we can see how much assets of Freeport Indonesia. Similarly, the study of reserves in Papua, "he said.
He also considered, the obligation to divest 51% stake in Freeport Indonesia to the Indonesian government will certainly provide a sense of security for investors. However, this issue has to wait for the proceeds from the divestment process and how much Freeport Indonesia shares will be released in the stock market.
Meanwhile, Binaartha Securities analyst Nafan Aji said, about how large the potential of Freeport shares when the IPO depends on the interest of market participants who will hunt for Freeport shares at the time of the IPO later.
"Surely, investors will see the real commitment of Freeport Indonesia in the process of divesting the shares as much as 51%, "he explained.
As to whether Freeport's shares will go big cap, Nafan will pay more attention to price movements and future trends. If the new IPO, shares of the issuer is still not quite big cap. Thus, it takes time for the accumulated increase in market capitalization to give a strong signal to be a candidate for the big cap in the future.
IPO BUMN.
Regarding the trend of SOEs and subsidiaries to IPO, Jonan said, if PT PLN and PT Pertamina can go public of the two companies would be a big cap. He gave an example of PLN which has a market capitalization potential of around Rp 500 trillion and the position of Price to Earning Ratio (PER) of this state-owned company can reach 30 times.
"About the market cap, only PLN. So, hopefully more companies will be IPOs that can drive transparency that we think is very important. Just about the IPO, I just appealed so the details can be asked to SOE Minister Rini Soemarno "explained Jonan.
Although Pertamina has no IPO-related announcement yet, but its insurer, PT Tugu Pratama Indonesia (TPI), has confirmed it will go public in 2018. Previously, TPI intends to hold an IPO in the first half of 2017, but delayed because there are some things that need to be taken care of.
Corporate Secretary of Tugu Pratama Indonesia Syaiful Azhar once asserted, it will continue the plan to become an open company. The TPI is expected to conduct an IPO on IDX in the first half of 2018.
Although not yet included in the list of candidates for the IPO, PT Indonesia Power, a subsidiary of PLN, has securitized assets worth Rp 4 trillion in September. For next year, Indonesia Power will also conduct asset securitization through collective investment asset backed securities (KIK-EBA) with a potential value of Rp 6 trillion.
For the first securitization of Indonesia Power assets, the company uses the underlying receivables from the IU power purchase agreement (PJ BTL) from the Suralaya steam power plant (PLTU) 1-4 from PLN to the company.
Regarding the asset securitization of the subsidiary of PLN, President Director of IDX Tito Sulistio considers it to be a SOE effort to increase capital. You see, if the SOEs want IPO of course many things that need to be taken care of and need approval of the House of Representatives (DPR). However, the condition does not apply if the IPO is a subsidiary.
"By the end of this year, there is a range of 2-3 SOE subsidiaries that will be IPOs. Then, in 2018 there are about eight government-owned subsidiaries that will also go public, "said Tito.
IN INDONESIA
Jonan : Freeport Bakal JPO Usai Divestasi 51%
Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan menyatakan bahwa PT Freeport Indonesia dapat mempersiapkan penawaran umum perdana (Initial Public Offering/IPO) saham di Bursa Efek Indonesia (BEI).
Namun, sebelum hal itu direalisasikan, Freeport Indonesia diminta menyelesaikan urusan divestasi 51% sahamnya kepada pihak Indonesia.
Jonan menyatakan, secara prinsip, pemerintah dan Freeport telah sepakat untuk secepatnya menyelesaikan divestasi 51%. Oleh karena itu, implementasi untuk mengambil alih sebagian saham tersebut akan segera dilakukan. Divestasi 51% saham Freeport akan dilaksanakan bertahap sesuai arahan Presiden Joko Widodo dan sejalan dengan kemampuan yang ada.
“Begitu soal divestasi selesai, suatu hari Freeport Indonesia akan mencatatkan sahamnya (listing) di BEI. Gambarannya kira-kira begitu, sehingga urusan divestasi saham mereka harus selesai dulu, setelah itu kemudian IPO saham,” ujar Jonan di Gedung BEI, Jakarta, Selasa (7/11).
Lebih lanjut dia juga menjelaskan, mekanisme divestasi saham Freeport Indonesia sebanyak 51% akan berlangsung lebih dari satu tahapan.
“Cuma secara kumulatif jumlahnya akan mencapai 51%. Hingga saat ini kita tidak dapat berasumsi kapan penyelesaiannya, tapi harapannya secepatnya,” tegas dia.
Tahapan penawaran saham divestasi itu pertama kali kepada pemerintah pusat, kemudian ditawarkan ke Pemerintah Daerah Papua, BUMN, dan badan usaha swasta nasional. Sementara IPO menjadi opsi terakhir. Negosiasi dengan perusahaan AS itu semula dijadwalkan berakhir 10 Oktober 2017, namun kemudian diperpanjang tiga bulan atau hingga 10 Januari 2018. Pembahasan detail mengenai skema divestasi dilakukan Kementerian BUMN dan Kementerian Keuangan (Kemenkeu) yakni mengenai skema pelepasan waktu, dan harga saham.
Saat ini pemerintah hanya memiliki 9,36% saham Freeport Indonesia. Nantinya, detail divestasi dan juga perpajakan akan dimasukkan ke dalam lampiran Izin Usaha Pertambangan Khusus (IUPK) Freeport Indonesia, yang merupakan salah satu tambang emas dan tembaga terbesar di dunia.
Terkait potensi Freeport Indonesia yang akan melakukan IPO saham, Jonan mengaku tidak dapat memaparkan valuasi dari perusahaan tersebut. Berdasarkan catatan, valuasi saham divestasi Freeport Indonesia belum mencapai kesepakatan. Itu karena Freeport menginginkan cadangan mineral hingga 2041 dimasukkan dalam perhitungan. Di pihak lain, pemerintah menghendaki perhitungan valuasi saham perusahaan asal AS itu berdasarkan fair market value tanpa memasukkan cadangan mineral.
Awal tahun lalu, manajemen Freeport mengajukan harga US$ 1,7 miliar (saat itu sekitar Rp 23 triliun) hanya untuk 10,64% saham Freeport yang ditawarkan kepada pemerintah Indonesia. Divestasi tahap kedua itu pun akhirnya batal karena pemerintah menganggap harga yang diajukan Freeport terlampau tinggi.
Sebelumya, Direktur Utama PT Bursa Efek Indonesia (BEI) Tito Sulistio menegaskan, pihaknya tidak dapat mengestimasikan berapa valuasi dari saham Freeport Indonesia jika suatu saat perusahaan itu IPO. Namun Tito menegaskan, perhitungan valuasi saham Freeport Indonesia akan bergantung dari penilaian investor ke depan.
“Tidak ada perusahaan sejenis Freeport Indonesia yang melantai di BEI, karena komposisi produksi Freeport Indonesia berbeda-beda, misalnya dari sisi kandungan di sana dan di sini. Jadi, BEI hanya dapat memberikan indikasi valuasi, tapi setelah itu investor yang akan memutuskan berapa valuasi yang paling pas bagi Freeport Indonesia,” tegas Tito.
Freeport Indonesia memiliki cadangan emas sebesar 25,8 juta ons di tambang Papua atau 98,5% dari total cadangan emas di tambang milik Freeport Mc-Moran perusahaan induk PT Freeport Indonesia di seluruh dunia. Sementara itu, total cadangan emas dunia sebesar 26,1 juta ons. Freeport Indonesia juga memiliki cadangan tembaga sebanyak 26,9 miliar pon di tambang Papua.
Langkah Tepat
Dihubungi terpisah, analis Recapital Sekuritas Indonesia Kiswoyo Adi menilai langkah pemerintah sudah tepat dengan mendorong PT Freeport Indonesia melakukan IPO saham di Bursa Efek Indonesia (BEI) setelah tuntasnya urusan divestasi saham 51% kepada pihak Indonesia.
“Jika IPO setelah urusan divestasi selesai, maka valuasi sahamnya bisa dengan mengikutkan perhitungan cadangan mineral karena sudah jadi milik nasional. Beda dengan saat divestasi 51% saham Freeport, pemerintah hanya mau menghitung valuasi saham mengacu pada nilai bisnis Freeport, tanpa memasukkan faktor cadangan," ujar Kiswoyo
Namun, menurut Kiswoyo, masih sulit menilai valuasi saham Freeport Indonesia saat melakukan penawaran umum perdana saham nanti.
“IPO Freeport memang punya potensi menarik minat investor karena merupakan perusahaan tambang emas dan tembaga dunia. Tapi, seberapa besar serapan pasar, tergantung bagaimana hitung-hitungan harga saham perdananya nanti, apakah dianggap mahal atau murah,” ujar dia.
Senada, Kepala Riset Paramitra Alfa Sekuritas Kevin Juido berpendapat, rencana IPO Freeport Indonesia akan menarik minat investor. Apalagi, ketika sudah ada informasi mengenai jumlah lembar saham dan harganya.
“Ini memang akan menarik, terutama jika sudah ada informasi mengenai berapa banyak jumlah lembar saham dan harga. Tapi kalau saat ini, tentu agak susah untuk memprediksi,” kata dia.
Kevin menjelaskan, Freeport Indonesia mengontribusi bisnis cukup besar bagi induknya, Freepot McMoran, yang berbasis di Amerika Seiikat (AS). Bahkan penetrasi Freeport Indonesia mencapai 25-30%.
“Jadi kita bisa melihat berapa besar aset Freeport Indonesia. Demikian juga dengan kajian cadangan yang ada di Papua,” kata dia.
Dia juga menilai, kewajiban divestasi 51% saham Freeport Indonesia ke pemerintah Indonesia tentu akan memberikan rasa aman bagi investor. Meski demikian, soal ini memang harus menunggu hasil dari proses divestasi tersebut dan berapa besar saham Freeport Indonesia yang akan dilepas di pasar saham.
Sementara itu, Analis Binaartha Sekuritas Nafan Aji mengatakan, mengenai berapa besar potensi saham Freeport ketika IPO tergantung dari animo para pelaku pasar yang akan memburu saham Freeport pada saat IPO nanti.
“Pastinya, para pelaku investor akan melihat komitmen nyata dari Freeport Indonesia dalam rangka melakukan proses divestasi saham sebanyak 51%,” jelas dia.
Mengenai apakah saham Freeport akan masuk big cap, Nafan justru akan Iebih memperhatikan pergerakan harga dan tren ke depan. Jika baru IPO, saham emiten tersebut masih belum tergolong big cap. Dengan demikian, diperlukan waktu agar akumulasi peningkatan kapitalisasi pasar benar-benar memberikan sinyal kuat untuk menjadi calon big cap ke depan.
IPO BUMN
Mengenai tren BUMN dan anak usahanya untuk IPO, Jonan mengatakan, jika PT PLN dan PT Pertamina dapat go public tentu kedua perusahaan tersebut akan menjadi big cap. Dia memberi contoh PLN yang memiliki potensi kapitalisasi pasar sekitar Rp 500 triliun dan posisi Price to Earning Ratio (PER) perusahaan milik negara ini dapat mencapai 30 kali.
“Tentang market cap itu, hanya PLN saja. Jadi, mudah-mudahan akan Iebih banyak perusahaan yang IPO sehingga dapat mendorong transparansi yang menurut kami sangat penting. Cuma soal IPO, saya hanya mengimbau jadi detailnya bisa ditanyakan kepada Menteri BUMN Rini Soemarno" jelas Jonan.
Meskipun saat ini Pertamina belum ada pengumuman terkait IPO saham, tapi anak usahanya yang bergerak di bidang asuransi, PT Tugu Pratama Indonesia (TPI), telah memastikan akan go public pada 2018. Sebelumnya, TPI sempat berniat untuk IPO pada semester I-2017, tapi tertunda karena ada beberapa hal yang perlu diurus.
Sekretaris Perusahaan Tugu Pratama Indonesia Syaiful Azhar pernah menegaskan, pihaknya akan tetap melanjutkan rencana menjadi perusahaan terbuka. Adapun TPI berestimasi dapat melakukan IPO di BEI pada semester I-2018.
Meski belum masuk daftar calon perusahaan yang akan IPO, PT Indonesia Power yang merupakan anak usaha PLN telah melakukan sekuritisasi aset senilai Rp 4 triliun pada September lalu. Untuk tahun depan, Indonesia Power juga akan kembali melakukan sekuritisasi aset melalui produk kontrak investasi kolektif efek beragun aset (KIK-EBA) dengan potensi nilai sebesar Rp 6 triliun.
Untuk sekuritisasi aset Indonesia Power yang pertama, perseroan menggunakan underlying piutang dari perjanjian jual beli tenaga Iistrik (PJ BTL) dari pembangkit listrik tenaga uap (PLTU) Suralaya 1-4 dari PLN kepada perseroan.
Perihal aksi sekuritisasi aset dari anak usaha PLN itu, Dirut BEI Tito Sulistio menilai hal tersebut merupakan usaha usaha BUMN agar dapat menambah modal. Soalnya, kalau BUMN mau IPO tentunya banyak hal yang perlu diurus dan perlu meminta persetujuan dari Dewan Perwakilan Rakyat (DPR). Namun, kondisi tersebut tidak berlaku jika yang IPO adalah anak usahanya.
“SebeIum akhir tahun ini, ada kisaran 2-3 anak usaha BUMN yang akan IPO. Kemudian, pada 2018 ada sekitar delapan anak perusahaan milik pemerintah yang juga akan go public,” papar Tito.
Investor Daily, Page-8, Wednesday, Nov 8, 2017
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