Inalum Already Preparing Funds
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PT Indonesia Asahan Alulnunium (Persero), the holding company of BUMN mining, ensured the source of funding to take over the participation of Rio Tinto by 40% in PT Freeport Indonesia already exists.
One source of the funds came from syndicated bank loans. President Director Inalum Budi Gunadi Sadikin said the company will conduct a larger fund search in 2018 for the purchase of Freeport Indonesia's Grasberg mine shares.
Freeport Indonesia's Grasberg mine
The source of the acquisition fund comes partly from the syndicated bank loan. One of the banks is from Japan because of the lowest interest rate.
"Loans hell definitely got. The source is a banking syndicate, which is willing to top five banks. We do offer loans to Japanese banks, because the rate [of interest] is the cheapest, "he said.
According to him, the amount of acquisition fund needs already exist, although not yet can be mentioned to the public. The certainty of the amount of funding becomes one of the sentiments that Inalum is able to carry out such transactions. Currently, Inalum is still coordinating and negotiating with all parties related to the acquisition transaction. This process is targeted to be completed by June 2018.
"I think June, such as the direction of the Minister of Energy and Mineral Resources Ignatius Jonan. Negotiating transactions is certainly more difficult than buying fabric negotiations on the market. "
Inalum will take over 40% of Rio Tinto's participation rights in Freeport Indonesia. Inalum also works santa with the Provincial Government of Papua and Mimika Regency which will own 10% of Freeport Indonesia shares after the divestment.
Deputy for Mining Business, Strategic Industries, and Media at BUMN Ministry Fajar Harry Sampurno said that the funding scheme to acquire 51% of Freeport Indonesia shares is assured once the cost amount already exists. The acquisition value negotiation was conducted between Inalum with three ministers, namely Minister of EMR, Minister of Finance, and Minister of SOE.
"Later after meeting three ministers, achieved [the value of the acquisition] is too expensive or how," he explained.
According to Fajar, the current acquisition of Freeport Indonesia's negotiations was conducted between Inalum and Rio Tinto. The reason is, Freeport has submitted the issue to Rio Tinto. In relation to the target of when the acquisition will be completed, the government will hope that soon the management of a special mining permit (IUPK) of Freeport Indonesia can be extended.
However, the negotiable technical issues are quite numerous, such as environmental problems and so on. Fajar added that the dividend from sub holding of BUMN mines is not necessarily used Inalum as the allocation of Rio Tinto's participation rights acquisition. Because the amount of dividends is small compared to the total transaction value.
"Not enough amount [if using dividend]. Dividends are very small, so use equity [Inalum] too. "
President Director of PT Antam Tbk. (ANTM) Arie Prabowo Ariotedjo said there was no money from subholding of state-owned mines that the parent company withdrew to take over Rio Tinto's participation rights. Inalum as the holding holding only uses the entire balance sheet to simplify the fundraising process.
"Only the financial balance [by holding] is used for fund raising," he said.
In the long term, Inalum can provide dividends and Freeport for the development of subsidiaries, such as ANTAM, TINS, and PTBA. This has become one of the main role of SOE mine enterprises in assisting the development of subsidiaries.
IN INDONESIA
"Loans hell definitely got. The source is a banking syndicate, which is willing to top five banks. We do offer loans to Japanese banks, because the rate [of interest] is the cheapest, "he said.
According to him, the amount of acquisition fund needs already exist, although not yet can be mentioned to the public. The certainty of the amount of funding becomes one of the sentiments that Inalum is able to carry out such transactions. Currently, Inalum is still coordinating and negotiating with all parties related to the acquisition transaction. This process is targeted to be completed by June 2018.
"I think June, such as the direction of the Minister of Energy and Mineral Resources Ignatius Jonan. Negotiating transactions is certainly more difficult than buying fabric negotiations on the market. "
Inalum will take over 40% of Rio Tinto's participation rights in Freeport Indonesia. Inalum also works santa with the Provincial Government of Papua and Mimika Regency which will own 10% of Freeport Indonesia shares after the divestment.
Deputy for Mining Business, Strategic Industries, and Media at BUMN Ministry Fajar Harry Sampurno said that the funding scheme to acquire 51% of Freeport Indonesia shares is assured once the cost amount already exists. The acquisition value negotiation was conducted between Inalum with three ministers, namely Minister of EMR, Minister of Finance, and Minister of SOE.
"Later after meeting three ministers, achieved [the value of the acquisition] is too expensive or how," he explained.
According to Fajar, the current acquisition of Freeport Indonesia's negotiations was conducted between Inalum and Rio Tinto. The reason is, Freeport has submitted the issue to Rio Tinto. In relation to the target of when the acquisition will be completed, the government will hope that soon the management of a special mining permit (IUPK) of Freeport Indonesia can be extended.
However, the negotiable technical issues are quite numerous, such as environmental problems and so on. Fajar added that the dividend from sub holding of BUMN mines is not necessarily used Inalum as the allocation of Rio Tinto's participation rights acquisition. Because the amount of dividends is small compared to the total transaction value.
"Not enough amount [if using dividend]. Dividends are very small, so use equity [Inalum] too. "
President Director of PT Antam Tbk. (ANTM) Arie Prabowo Ariotedjo said there was no money from subholding of state-owned mines that the parent company withdrew to take over Rio Tinto's participation rights. Inalum as the holding holding only uses the entire balance sheet to simplify the fundraising process.
"Only the financial balance [by holding] is used for fund raising," he said.
In the long term, Inalum can provide dividends and Freeport for the development of subsidiaries, such as ANTAM, TINS, and PTBA. This has become one of the main role of SOE mine enterprises in assisting the development of subsidiaries.
IN INDONESIA
Inalum Sudah Siapkan Dana
PT Indonesia Asahan Alulnunium (Persero), induk usaha BUMN penambangan, memastikan sumber pendanaan untuk mengambil alih hak partisipasi Rio Tinto sebesar 40% di PT Freeport Indonesia sudah ada.
Salah satu sumber dana itu berasal dari pinjaman sindikasi perbankan. Direktur Utama Inalum Budi Gunadi Sadikin menyampaikan perseroan memang akan melakukan pencarian dana lebih besar pada 2018 untuk pembelian saham tambang Grasberg milik
Freeport Indonesia.
Sumber dana akuisisi sebagian berasal dari pinjaman sindikasi perbankan. Salah satu bank tersebut berasal dari Jepang karena tingkat suku bunga yang paling rendah.
“Pinjaman sih pasti didapat. Sumbernya ada sindikasi perbankan, yang bersedia di atas lima bank. Kita memang melakukan penawaran pinjaman ke bank Jepang, karena rate [bunga] paling murah,” tuturnya.
Menurutnya, jumlah kebutuhan dana akuisisi sudah ada, walaupun belum bisa disebutkan ke publik. Kepastian jumlah pendanaan menjadi salah satu sentimen bahwa Inalum mampu melakukan transaksi tersebut. Saat ini, Inalum masih berkoordinasi dan bemegosiasi dengan seluruh pihak yang berkaitan dengan transaksi akuisisi. Ditargetkan proses ini rampung pada Juni 2018.
“Saya rasa Juni, seperti arahan Menteri ESDM Ignasius Jonan. Negosiasi transaksi tentunya lebih sulit dari negosiasi membeli kain di pasar."
Inalum akan mengambil alih 40 % hak partisipasi Rio Tinto di Freeport Indonesia. Inalum juga bekerja santa dengan Pemerintah Provinsi Papua dan Kabupaten Mimika yang akan memiliki 10% saham Freeport Indonesia setelah divestasi.
Deputi Bidang Usaha Pertambangan, Industri Strategis, dan Media Kementerian BUMN Fajar Harry Sampurno mengatakan bahwa skema pendanaan untuk mengakuisisi 51 % saham Freeport Indonesia dipastikan setelah jumlah biayanya sudah ada. Perundingan nilai akuisisi dilakukan antara Inalum dengan tiga menteri, yakni Menteri ESDM, Menteri Keuangan, dan Menteri BUMN.
“Nanti setelah bertemu tiga menteri, dicapai [nilai akuisisi] apakah terlalu mahal atau bagaimana,” paparnya.
Menurut Fajar, negosiasi akuisisi Freeport Indonesia saat ini dilakukan antara Inalum dengan Rio Tinto. Pasalnya, Freeport sudah menyerahkan persoalan tersebut kepada Rio Tinto. Terkait dengan target kapan rampungnya waktu akuisisi, pemerintah tentunya berharap agar secepatnya agar pengurusan izin usaha pertambangan khusus (IUPK) Freeport Indonesia bisa dapat diperpanjang.
Namun, permasalahan teknis yang dinegosiasikan memang cukup banyak, seperti permasalahan lingkungan dan sebagainya.
Fajar menambahkan, pemberian dividen dari subholding BUMN tambang tidak serta merta digunakan Inalum sebagai alokasi akuisisi hak partisipasi Rio Tinto. Pasalnya, jumlah dividen tersebut terbilang kecil dibandingkan total nilai transaksi.
“Tidak cukup jumlahnya [kalau mengunakan dividen]. Dividen sangat kecil, jadi menggunakan ekuitas [Inalum] juga.”
Direktur Utama PT Antam Tbk. (ANTM) Arie Prabowo Ariotedjo mengatakan, tidak ada uang dari subholding BUMN tambang yang ditarik induk usaha untuk mengambil alih hak partisipasi Rio Tinto. Inalum selaku induk holding hanya menggunakan neraca keuangan keseluruhan untuk mempermudah proses pencarian dana.
“Hanya neraca keuangan [secara holding] saja yang dipakai untuk pencarian dana itu,” tuturnya.
Dalam jangka panjang, Inalum dapat memberikan dividen dan Freeport untuk pengembangan anak usaha, seperti ANTAM, TINS, dan PTBA. Hal ini menjadi salah satu peran induk usaha BUMN tambang dalam membantu pengembangan anak usaha.
Bisnis Indonesia, Page-30, Friday, Apr 13, 2018
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