Papua Regional Government Repays Freeport's 10% Share
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The Regional Government of Papua will pay in stages alias installments of 10% shares of PT Freeport Indonesia. The shares are included in the 51% of shares purchased by PT Inalum (Persero) through a divestment scheme, the Papua Regional Government pays the share installments through dividends. Inalum and the Regional Government of Papua form a joint venture with a 51% stake in Freeport Indonesia. The composition of the company is 80% owned by Inalum and the remaining 20% is held by Papuan Regional-Owned Enterprises (BUMD).
The formation of this company was agreed with the Regional Government of Papua in early 2018. In fact, the Regional Government of Papua has formed a BUMD, namely PT Papua Divestment Mandiri. The BUMD is controlled by the Papua Provincial Government and the Mimika Regency Government with ownership of 3% and 7% respectively. Although the Papua Regional Government holds 10% of the shares, it is still in one Inalum entity.
That way, there is only one entity that holds a 51% stake, namely Inalum as the BUMN Mining Holding. As a result, Indonesia remains the majority owner of Freeport Indonesia shares. Inalum's Head of Corporate Communication, Rendi A Witular, said that an agreement had been reached with the Regional Government of Papua regarding the 10% share purchase mechanism. It's just that he did not disclose the value of 10% of the shares and the amount and duration of installments. Pasahlya, the amount of the tenor is still simulated.
"Later, Inalum will loan it first and the Regional Government will repay it through dividends earned. Surely not all Regional Government dividends from PTFI are used up to pay in installments. The installments are light, "said Rendi in Jakarta.
Divestment of Freeport shares is targeted to be completed this month. This is stated in the head of agreement (HOA) signed by Inalum and Freeport McMoRan in July 2018. Rendi revealed that both parties continue to work on completing the sales purchase agreement (SPA) with Rio Tinto and Indocopper and agreement with Freeport McMoran Inc regarding Rio Tinto's 40% participation rights change to 40% of the shares.
"Hopefully it's finished (this September)," he said.
Inalum buys Freeport shares worth US $ 3.85 billion. In a meeting with the Commission VII of the House of Representatives (DPR) at the end of July, Inalum President Director Budi Gunadi Sadikin revealed a 10% share of the Papua Regional Government worth US $ 856 million.
Payment of shares is carried out in stages through dividend reductions to be paid off. The 10% stake owned by the Regional Government is still held by Inalum as collateral. With this mechanism, the Papua Regional Government is expected not to immediately sell 10% of the shares to the private sector.
"Indocopper was also the same, before being given to the Indonesian Government, it was put together to the private sector, privately borrowed to Freeport, then bought again by Freeport. So if you can just borrow it from us, "he said.
IN INDONESIA
Pemerintah Daerah Papua Mencicil Jatah Saham 10% Freeport
Pemerintah Daerah Papua akan membayar secara bertahap alias mengangsur jatah 10% saham PT Freeport Indonesia. Saham tersebut tergabung dalam 51% saham yang dibeli PT Inalum (Persero) melalui skema divestasi, Pemerintah Daerah Papua membayar cicilan saham tersebut melalui dividen. Inalum dan Pemerintah Daerah Papua membentuk perusahaan patungan (joint venture) terkait kepemilikan 51% saham di Freeport Indonesia. Adapun komposisi perusahaan itu 80% dimiliki Inalum dan 20% sisanya dipegang oleh Badan Usaha Milik Daerah (BUMD) Papua.
Pembentukan perusahaan ini sudah disepakati dengan Pemerintah Daerah Papua pada awal 2018 lalu. Bahkan, Pemerintah Daerah Papua telah membentuk BUMD, yakni PT Papua Divestasi Mandiri. BUMD itu dikuasai oleh Pemprov Papua dan Pemkab Mimika dengan kepemilikan saham masing-masing 3% dan 7%. Meski Pemerintah Daerah Papua mengantongi 10% saham, namun masih dalam satu entitas Inalum.
Dengan begitu maka hanya ada satu entitas yang memegang 51% saham yakni Inalum sebagai Holding BUMN Pertambangan. Alhasil maka Indonesia tetap sebagai pemilik mayoritas saham Freeport Indonesia. Head of Corporate Communication Inalum Rendi A Witular mengatakan, sudah tercapai kesepakatan dengan Pemerintah Daerah-Papua terkait mekanisme pembelian saham 10%. Hanya saja dia tidak membeberkan nilai 10% saham tersebut serta besar dan lamanya angsuran. Pasahlya, besaran tenornya masih disimulasikan.
“Nanti dipinjamkan dahulu oleh Inalum dan Pemerintah Daerah akan mengangsur lewat dividen yang didapat. Tentunya tidak seluruh dividen Pemerintah Daerah dari PTFI digunakan habis untuk mengangsur. Angsurannya ringan,” kata Rendi di Jakarta.
Divestasi saham Freeport ditargetkan rampung pada bulan ini. Hal ini tertuang dalam pokok-pokok perjanjian (head of agreement/ HOA) yang ditandatangani Inalum dan Freeport McMoRan pada Juli 2018. Rendi mengungkapkan, kedua belah pihak terus berupaya merampungkan perjanjian jual beli (sales purchase agreement/SPA) dengan Rio Tinto dan Indocopper serta perjanjian dengan Freeport McMoran Inc terkait perubahan hak partisipasi 40% Rio Tinto menjadi 40% saham.
“Mudah-mudahan selesai (September ini),” ujarnya.
Inalum membeli saham Freeport senilai US$ 3,85 miliar. Dalam rapat dengan Komisi VII Dewan Perwakilan Rakyat (DPR) pada akhir Juli lalu, Direktur Utama Inalum Budi Gunadi Sadikin mengungkapkan jatah saham 10% Pemerintah Daerah Papua senilai US$ 856 juta.
Pembayaran saham dilakukan bertahap melalui pengurangan dividen hingga lunas. Saham 10% milik Pemerintah Daerah itu masih dipegang Inalum sebagai jaminan. Dengan mekanisme ini, Pemerintah Daerah Papua diharapkan tidak segera menjual 10% saham tersebut ke pihak swasta.
“Indocopper dulu juga begitu, dulu dikasih ke Pemerintah Indonesia dijatukan ke swasta, swastanya pinjam ke Freeport, kemudian dibeli lagi oleh Freeport. Maka kalau bisa pinjamnya ke kami saja,” ujarnya.
Investor Daily, Page-9, Tuesday, Sept 25, 2018
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