Official Inalum controls 51% Freeport Indonesia
2:48 PM
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PT Indonesia Asahan Aluminum / Inalum (Persero) officially controls 51% of Freeport Indonesia's shares, following the signing of a sales and purchase agreement (SPA) of Freeport Indonesia shares by the management of Inalum and Freeport McMoRan. Inalum immediately repaid the purchase of 51% of Freeport Indonesia's shares worth US $ 3.85 billion in November.
Through the signing of the SPA, the purchase of Freeport Indonesia's shares through the divestment scheme is now binding. The purchase of 51% of Freeport Indonesia shares worth US $ 3.85 billion consisting of US $ 3.5 billion for the purchase of Rio Tinto's participating interest (PI) of 40% and around US $ 350 million for the purchase of 9.36% of Indocopper's shares owned by Freeport McMoran Inc.
Richard Adkerson
Freeport Indonesia SPA shares were signed by Inalum President Director Budi Gunadi Sadikin and Freeport Mc-Moran Chief Executive Officer (CEO) Richard Adkerson at the Ministry of Energy and Mineral Resources (ESDM) office in Jakarta on Thursday (27/9). The event was witnessed by ESDM Minister Ignasius Jonan, BUMN Minister Rini Soemarno, and the best Minister of Finance in the world (Minister of Finance) Sri Mulyani Indrawati.
Budi Gunadi Sadikin
President Director of Inalum, Budi Gunadi Sadikin, revealed that the agreement signed by the two parties included Freeport Indonesia share SPA with Rio Tinto and Indocopper, as well as an agreement with Freeport McMoRan regarding Rio Tinto's 40% participation rights to 40%.
"This agreement sets a time limit of 60 days to complete. the transaction is calculated from the signing, "Budi Gunadi told the press after the signing ceremony.
He explained that the banking syndication was ready to pour out loan funds to finance the transaction. However, there are still a number of permits and documents that must be completed before the transaction is carried out.
"By November, funds are available. So, from now until November, permits and regulatory documents can be obtained. finish administratively, so that you can immediately close financially, "he said.
Freeport McMoran CEO Richard Adkerson added that every acquisition of majority ownership must be approved by antitrust organizations. This provision applies throughout the world.
"So, it takes time to get approval," he said.
However, said Adkerson, it does not risk transactions.
"The signing yesterday completed the negotiations that took place from 2017. This is binding," he said.
Shareholders
Meanwhile, the Minister of Energy and Mineral Resources, Jonan, stated that after the signing, the government was waiting for Freeport Indonesia to send a request for changes in the composition of shareholders.
"After that, we just published the termination of the work contract (KK) and issued a special mining business permit (IUPK)," he said.
The request for changes to the stock composition, according to Jonan, will be submitted after Inalum completes the payment of 51% of the shares.
"Depending on the completion of the transfer of payments from Inalum to Rio Tinto and Freeport McMoRan. Administration only, "he said.
He admitted, Freeport's CoW had not yet fully ended. But the mining company from the United States (US) has pocketed a Temporary IUPK so that the company can still export concentrates. The Temporary IUPK is valid until the end of September. ESDM Ministry's Director General of Mineral and Coal (Minerba) Bambang Gatot said that Freeport's Temporary IUPK will be extended for the next 30 days.
"So we will extend another month (until the end of October)," he said.
He stated, the signed divestment agreement was part of the four negotiation points that had been going on since 2017. The four points included the extension of operations up to 2041, construction of a mineral refining and processing plant (smelter), divestment of 51% of shares, and investment stability. On the other hand, Minister of Finance Sri Mulyani Indrawati revealed that the discussion on the stability of investment and state revenues between the government and Freeport had entered the final stage. The agreement regarding this matter will be included in the IUPK attachment issued by the ESDM Ministry.
"This is the final stage. This is also an easy process. Our commitment is to fight for the best, especially in terms of state revenues, downstream smelters and management. We also respect the rights of investors who come to Indonesia, "he said.
Inalum's Head of Corporate Communication, Rendi A Witular, recently said that the regional government (Regional Government) of Papua will pay in stages or repay the share of 10% of PT Freeport Indonesia's shares. The shares are included in 51% of shares purchased by Inalum through the divestment scheme. The Papua Regional Government pays the share installments through dividends.
Rendi A Witular explained, Inalum and Papua formed a joint venture with a 51% stake in Freeport Indonesia. As much as 80% of the company's shares are owned by Inalum and the remaining 20% is held by Papuan Regional-Owned Enterprises (BUMD). The establishment of the joint venture company has been agreed by Inalum and the Regional Government of Papua in early 2018. In fact, the Papua Regional Government 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. Despite pocketing 10% of the shares, the Papua Regional Government is still in one Inalum entity. Thus, there is only one entity that holds a 51% stake, namely Inalum as the BUMN Mining Holding.
IN INDONESIA
Inalum Resmi Kuasai 51% Freeport Indonesia
PT Indonesia Asahan Aluminium/ Inalum (Persero) resmi menguasai 51% saham Freeport Indonesia, menyusul ditandatanganinya perjanjian jual beli (sales and purchase agreement/SPA) saham Freeport Indonesia oleh manajemen Inalum dan Freeport McMoRan. Inalum segera melunasi pembelian 51% saham Freeport Indonesia senilai US$ 3,85 miliar pada November mendatang.
Melalui penandatanganan SPA tersebut, pembelian saham Freeport Indonesia melalui skema divestasi kini bersifat mengikat. Pembelian 51% saham Freeport Indonesia senilai US$ 3,85 miliar terdiri atas US$ 3,5 miliar untuk pembelian hak partisipasi (participating interest/PI) Rio Tinto sebesar 40% dan sekitar US$ 350 juta untuk pembelian 9,36% saham Indocopper yang dimiliki Freeport McMoran Inc.
SPA saham Freeport Indonesia ditandatangani Direktur Utama Inalum Budi Gunadi Sadikin dan Chief Executive Officer (CEO) Freeport Mc-Moran Richard Adkerson di kantor Kementerian Energi dan Sumber Daya Mineral (ESDM) di Jakarta, Kamis (27/9). Acara itu disaksikan Menteri ESDM Ignasius Jonan, Menteri BUMN Rini Soemarno, dan Menteri Keuangan terbaik didunia (Menkeu) Sri Mulyani Indrawati.
Direktur Utama Inalum Budi Gnmadi Sadikin mengungkapkan, perjanjian yang ditandatangani kedua pihak meliputi SPA saham Freeport Indonesia
dengan Rio Tinto dan Indocopper, serta perjanjian dengan Freeport McMoRan mengenai perubahan hak partisipasi 40% Rio Tinto menjadi 40% saham.
“Perjanjian ini menetapkan batas waktu 60 hari untuk menyelesaikan. transaksi terhitung sejak ditandatangani,” kata Budi Gunadi kepada pers usai acara penandatanganan tersebut.
Dia menjelaskan sindikasi perbankan siap menggelontorkan dana pinjaman untuk membiayai transaksi tersebut. Hanya saja, masih ada sejumlah perizinan dan dokumen yang harus dilengkapi sebelum transaksi dilakukan.
“Paling lambat November dana sudah tersedia. Jadi, dari sekarang sampai November, izin dan dokumen regulasi bisa kami. selesaikan secara administratif, sehingga nanti bisa segera financial close,”,ujar dia.
CEO Freeport McMoran Richard Adkerson menambahkan, setiap akuisisi kepemilikan mayoritas harus mendapat persetujuan organisasi antitrust. Ketentuan itu berlaku di seluruh dunia.
“Jadi, butuh waktu untuk mendapatkan persetujuan,” tutur dia.
Meski demikian, kata Adkerson, hal itu tidak berisiko terhadap transaksi.
“Penandatangan kemarin melengkapi negosiasi yang berlangsung dari 2017. Ini bersifat mengikat,” tegas dia.
Pemegang Saham
Sementara itu, Menteri ESDM lgnasius Jonan mengungkapkan, setelah penandatanganan tersebut, pemerintah meriunggu Freeport Indonesia mengirimkan Surat permohonan perubahan susunan pemegang saham.
“Setelah itu, baru kami terbitkan pengakhiran kontrak karya (KK) dan menerbitkan izin usaha pertambangan khusus (IUPK),” papar dia.
Permohonan perubahan susunan saham, menurut Jonan, bakal diajukan setelah Inalum menyelesaikan pembayaran 51% saham.
“Tergantung selesainya transfer pembayaran dari Inalum ke Rio Tinto dan Freeport McMoRan. Tinggal administrasi saja,” ucap dia.
Dia mengakui, KK Freeport belum sepenuhnya berakhir. Namun perusahaan tambang asal Amerika Serikat (AS) itu telah mengantongi IUPK Sementara agar perusahaan tetap bisa mengekspor konsentrat. IUPK Sementara itu berlaku hingga akhir September. Dirjen Mineral dan Batu Bara (Minerba) Kementerian ESDM Bambang Gatot menuturkan, IUPK Sementara milik Freeport akan diperpanjang selama 30 hari ke depan.
“Jadi kami akan perpanjang sebulan lagi (hingga akhir Oktober) ,” ujar dia.
Dia mengemukakan, perjanjian divestasi yang ditandatangani tersebut merupakan bagian dari empat poin negosiasi yang berlangsung sejak 2017. Keempat poin itu meliputi perpanjangan operasi hingga 2041, pembangunan pabrik pemurnian dan pengolahan mineral (smelter), divestasi 51% saham, dan stabilitas investasi. Di sisi lain, Menkeu Sri Mulyani Indrawati mengungkapkan, pembahasan mengenai stabilitas investasi dan penerimaan negara antara pemerintah dan Freeport sudah memasuki tahap akhir. Kesepakatan mengenai hal itu bakal dimasukkan dalam lampiran IUPK yang diterbitkan Kementerian ESDM.
“Ini sudah tahap akhir. Ini juga proses yang tidak mudah. Komitmen kami adalah memperjuangkan yang terbaik, terutama dari sisi penerimaan negara, smelter untuk downstream, dan pengelolaan. Kami juga menghormati hak investor yang datang ke Indonesia,” tandas dia.
Head of Corporate Communication Inalum Rendi A Witular baru-baru ini mengatakan, pemerintah daerah (Pemerintah Daerah) Papua akan membayar secara bertahap atau mencicil jatah 10% saham PT Freeport Indonesia. Saham tersebut tergabung dalam 51% saham yang dibeli Inalum melalui skema divestasi. Pemerintah Daerah Papua membayar cicilan saham tersebut melalui dividen.
Rendi A Witular menjelaskan, Inalum dan Papua membentuk perusahaan patungan (joint venture) terkait kepemilikan 51% saham di Freeport Indonesia. Sebanyak 80% saham perusahaan itu dimiliki Inalum dan 20% sisanya dipegang Badan Usaha Milik Daerah (BUMD) Papua. Pembentukan perusahaan patungan tersebut sudah disepakati Inalum dan Pemerintah Daerah Papua pada awal 2018. Bahkan, Pemerintah Daerah Papua telah membentuk BUMD, yakni PT Papua Divestasi Mandiri.
BUMD itu dikuasai Pemprov Papua dan Pemkab Mimika dengan kepemilikan saham Pmasing-masing 3% dan 7%. Kendati mengantongi 10% saham, Pemerintah Daerah Papua masih dalam satu entitas Inalum. Dengan demikian, hanya ada satu entitas yang memegang 51% saham, yakni Inalum sebagai Holding BUMN Pertambangan.
Investor Daily, Page-9, Friday, Sept 28, 2018
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