Inalum Ready to Pay Freeport
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After pocketing loan funds from a number of banks and global bond issuance or global loans, Inalum is ready to pay the share divestment of PT Freeport Indonesia (PTFI). Even the payment can be made at any time as desired by PTFI officials.
"We are ready, whenever we want a transaction, we are ready," said Managing Director of PT Indonesia Asahan Aluminum (Inalum) Budi Gunadi Sadikin.
However, it is not possible to withdraw the shares divestment at this time because the mining company had to obtain a mining permit in the form of a Special Mining Business License (IUPK). The permit is in the hands of the Ministry of Energy and Mineral Resources (ESDM).
According to Budi, the issuance of IUPK for PTFI from the Ministry of Energy and Mineral Resources should be restrained due to environmental issues that still occur. This must be resolved by PTFI, the Ministry of Energy and Mineral Resources, and the Ministry of Environment and Forestry (environment and forestry). If all has been completed and according to the applicable rules, then the divestment funds can be paid.
"The stage is now more between Freeport and the relevant ministries. That also Freeport must pursue. Now if we finish them at any time, we are ready (paying)," Budi said.
Responding to this, PTFI spokesman Riza Pratama explained that his party was communicating with the Ministry of Energy and Mineral Resources regarding the details of the contents of the IUPK. According to him, PTFI can carry out the permit and payment process of shares simultaneously because both of these are inseparable series. He was sure that both of them could be resolved at the same time.
"The negotiation process with the government, as I informed earlier, consists of five points, namely divestment, smelter, increasing state revenues, stability of investment, and continuity of operations until 2041. Everything is settled in a single agreement," said Riza.
Inalum currently has funds reaching 4 billion US dollars from the issuance of global bonds. These funds were indeed collected by Inalum to be able to conduct PTFI shares divestment transactions. In the global bond, Inalum offers four types of tenors. The first tenor, which is 3 years with a value of 1 billion US dollars and interest is 5.5 percent. The second tenor for five years with a value of 1.25 billion US dollars for interest reached six percent.
The third tenor of US $ 1 billion with an interest of 6.875 percent over 10 years, and a fourth tenor with a period of thirty years worth 750 million US dollars with an interest of 7.37 percent. To get funds from global bonds, the holding company of BUMN Mining has traveled to Singapore, Hong Kong, the United States and London. At the moment the global bond offer is oversubscribed.
The bank joint global coordinators (JGC) in these bonds are BNP Paribas, Citi, and MUFG. Meanwhile, banks acting as Joint Book Runner (JBR) are BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, and Standard Chartered.
This global loan was chosen by the company by considering the fixed interest compared to when it had to access funds from bank loans. On the other hand, with this global lending system, Inalum does not have to pay the principal installments every six months as is done when borrowing funds from domestic banks. Although payment mechanism through global bond method is easier, the process of finding investors through this system is fairly difficult.
IN INDONESIAN
Inalum Siap Bayar Freeport
Setelah mengantongi dana pinjaman dari sejumlah perbankan dan penerbitan global bond atau pinjaman global, Inalum siap membayar divestasi saham milik PT Freeport Indonesia (PTFI). Bahkan pembayaran tersebut bisa dilakukan kapan saja sesuai keinginan petinggi PTFI.
"Kita udah siap, kapan saja mau transaksi, kita sudah siapbayar," ujar Direktur Utama PT Indonesia Asahan Aluminium (Inalum) Budi Gunadi Sadikin.
Namun, untuk mencairkan dana divestasi saham tersebut tidak bisa dilakukan saat ini karena perusahaan tambang tersebut sebelumnya harus mendapatkan izin menambang dalam bentuk Izin Usaha Pertambangan Khusus (IUPK). Izin itu berada di tangan Kementerian Energi dan Sumber Daya Mineral (ESDM).
Menurut Budi, penerbitan IUPK untuk PTFI dari Kementerian ESDM seharusya tertahan karena isu lingkungan yang masih terjadi. Hal ini harus bisa diselesaikan oleh PTFI, Kementerian ESDM, dan Kementerian LHK (lingkungan hidup dan kehutanan). Jika semua sudah selesai dan sesuai aturan yang berlaku, barulah dana divestasi bisa dibayarkan.
"Tahapnya sekarang lebih antara Freeport dan kementerian terkait. Itu juga Freeport mesti kejar. Sekarang kalau di kita kapan saja mereka selesai, kita siap (bayar)," ujar Budi.
Menanggapi hal ini, juru bicara PTFI Riza Pratama menjelaskan, pihaknya seang melakukan komunikasi dengan Kementerian ESDM terkait detail isi dari IUPK. Menurutnya, PTFI bisa melakukan proses izin dan pembayaran saham secara berbarengan karena kedua hal ini merupakan rangkaian yang tidak terpisahkan. Dia pun yakin keduanya bisa diselesaikan dalam waktu bersamaan.
"Proses negosiasi dengan pemerintah seperti yang saya infokan sebelumnya, terdiri dari lima pokok, yaitu divestasi, smelter, peningkatan penerimaan negara, stabilitas investasi, dan kelangsungan operasi sampai 2041. Semuanya diselesaikan dalam satu kesepakatan," ujar Riza.
Inalum saat ini telah memiliki dana mencapai 4 miliar dolar AS dari penerbitan surat utang global. Dana tersebut memang dikumpulkan Inalum untuk bisa melakukan transaksi divestasi saham PTFI. Dalam global bond tersebut, Inalum menawarkan empat jenis tenor. Tenor pertama, yaitu 3 tahun dengan nilai 1 miliar dolar AS dan bunganya 5,5 persen. Tenor kedua selama lima tahun dengan nilai 1,25 miliar dolar AS untuk bunga mencapai enam persen.
Tenor ketiga 1 miliar dolar AS dengan bunga 6,875 persen sepanjang 10 tahun, dan tenor keempat dengan jangka waktu tiga puluh tahun senilai 750 juta dolar AS dengan bunga 7,37 persen. Untuk mendapatkan dana dari global bond, induk usaha BUMN Pertambangan tersebut telah berkeliling ke Singapura, Hong Kong, Amerika Serikat, dan London. Pada saat penawaran obligasi global mengalami oversubscribed (kelebihan permintaan).
Untuk bank joint global coordinators (JGC) dalam obligasi ini adalah BNP Paribas, Citi, dan MUFG. Sedangkan, perbankan yang bertindak sebagai Joint Book Runner (JBR) adalah BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, dan Standard Chartered.
Pinjaman global ini dipilih perusahaan dengan mempertimbangkan bunga yang tetap dibandingkan saat harus mengakses dana dari pinjaman perbankan. Di sisi lain, dengan sistem pinjaman global ini, Inalum tidak harus membayar cicilan pokok setiap enam bulan sekali seperti yang dilakukan saat meminjam dana ke perbankan dalam negeri. Meski secara mekanisme pembayaran melalui cara global bond lebih mudah, proses pencarian investor melalui sistem ini terbilang sulit.
Republika, Page-5, Saturday, Nov 17, 2018
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