Papuan Regional Government Shares in Freeport Cannot Be Controlled by Private Sector
11:05 AM
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The government wants no private party in the Papuan Regional Government (Pemda) ownership in PT Freeport Indonesia. The Papua Regional Government was asked to immediately complete the establishment of a Regional Owned Enterprise (BUMD) which would later become the entity holding 10% of the regional government shares in Freeport.
The Papua Government gets the shares through the Freeport divestment scheme. The agreement between the Central Government, the Papua Provincial Government, the Mimika Regency Government and Inalum District regarding the withdrawal of Freeport Indonesia's divested shares was signed on January 12, 2018 yesterday.
Deputy Minister of Mining, Strategic Industry, and Media of the Ministry of BUMN Fajar Harry Sampurno said, Papua BUMD has not yet been formed. The establishment of BUMD is not a simple matter because local regulations are needed.
After the regulation is issued, it can be appointed by the BUMD that will hold the Freeport share entity.
"There can be no private sector, so there is Inalum there (Indocopper)," Fajar said in Jakarta.
Indocopper currently has a 9.36% stake in Freeport Indonesia which is 100% controlled by Freeport McMoRan, Inc. since 2002. After the divestment process is completed in December, Inalum will own 100% of Indocopper's shares. After that Indocopper's ownership will be divided into 60% Inalum and 40% of the Regional Government of Papua. The ownership of the Regional Government is divided into 70% controlled by the Mimika Regency Government and 30% held by the Papua Provincial Government.
Fajar explained, the scheme had been explained to the regional government of Papua. In the January 12 agreement, it was stated that the shares of the Papua Regional Government would be recorded in Indocopper. With this pattern, cumulatively 51% of Freeport Indonesia's shares remain owned by Indonesia. Because, after the divestment there were three business entities that controlled Freeport Indonesia, namely Freeport McMoRan Inc. amounting to 48.768%, Indocopper 25%, and Inalum 26.232%.
"Later when it's taken over it's already automatic. So we have Indocopper fall, "he explained.
Furthermore, Fajar also revealed that the scheme offered to the Regional Government of Papua included the purchase of shares. Inalum who will bear the costs of purchasing regional government in advance. Later the local government can pay in stages to Inalum. The total value that must be paid by the Regional Government is US $ 900 million.
"If not, the Papua Regional Government must provide substantial funds that are not yet available in the Regional Budget (APBD)," he said.
Previously, Inalum Head of Corporate Communications Rendi Ahmad Witular said that the proposed structure of regional government ownership, including the structure of Indocopper as a Special Company, was a common structure and considered financial, legal and taxation aspects. The structure is considered efficient for all shareholders, including the Provincial Government of Papua and the Mimika Regency Government.
Inalum is waiting for an agreement between the Government of Papua Province and the Mimika Regency Government regarding the structure of share ownership in BUMD that will be jointly formed. He said, the Regional Government of Papua could immediately enjoy dividends by the end of this year.
"Yes (get dividends) if the process is complete," he explained.
Stages after stages of the Freeport divestment process show progress. Previously, Inalum had received funding of US $ 4 billion from the issuance of global bonds last week. But there is one more condition that must be met so that transactions can be carried out, namely the achievement of four points of agreement between Freeport and the government. Because the nature of the negotiations is one entity.
The government and Freeport are still carrying out discussions. The four points are the extension of operations until 2041, construction of smelters, 51% divestment, and state revenues. The general agreement of the four points was reached in August 2017. Now both parties are conducting detailed discussions of the agreement.
IN INDONESIAN
Saham Pemda Papua di Freeport Tidak Boleh Dikuasai Swasta
Pemerintah menginginkan tidak ada pihak swasta dalam kepemilikan saham Pemerinta Daerah (Pemda) Papua di PT Freeport Indonesia. Pemda Papua diminta segera menyelesaikan pembentukan Badan Usaha Milik Daerah (BUMD) yang nantinya menjadi entitas pemegang 10% saham pemda di Freeport.
Pemda Papua mendapatkan saham tersebut melalui skema divestasi Freeport. Kesepakatan antara Pemerintah Pusat, Pemerintah Provinsi Papua, Pemerintah Kabupaten Mimika dan Inalum tentang pengambilan saham divestasi Freeport Indonesia telah diteken pada 12 Januari 2018 kemarin.
Deputi Bidang Usaha Pertambangan, Industri Strategis, dan Media Kementerian BUMN Fajar Harry Sampurno mengatakan, BUMD Papua hingga saat ini belum terbentuk. Pembentukan BUMD ini bukan perkara sederhana lantaran diperlukan peraturan daerah. Setelah peraturan diterbitkan maka bisa ditunjuk BUMD yang akan memegang entitas saham Freeport.
“Tidak boleh ada swasta, makanya ada Inalum di situ (Indocopper),” kata Fajar di Jakarta.
Indocopper saat ini tercatat memiliki 9,36% saham di Freeport Indonesia yang dikuasai 100% oleh Freeport McMoRan, Inc. sejak 2002. Setelah proses divestasi selesai di Desember nanti maka 100% saham Indocopper akan dimiliki oleh Inalum. Setelah itu kepemilikan Indocopper akan terbagi 60% Inalum dan 40% Pemda Papua. Dari kepemilikan Pemda tersebut terbagi Iagi 70% dikuasai oleh Pemerintah Kabupaten Mimika dan 30% dipegang oleh Pemerintah Provinsi Papua.
Fajar menerangkan, skema tersebut sudah dijelaskan kepada pemda Papua. Dalam kesepakatan 12 Januari pun sudah disebutkan saham Pemda Papua akan tercatat di Indocopper. Dengan pola ini maka secara kumulatif 51% saham Freeport Indonesia tetap dimiliki oleh Indonesia. Pasalnya, pasca divestasi ada tiga entitas bisnis yang menguasai Freeport Indonesia, yakni Freeport McMoRan Inc sebesar 48,768%, Indocopper 25%, dan Inalum 26,232%.
“Nanti begitu sudah pengambilalihan kan udah langsung otomatis. Jadi indocopper fall dimiliki kita,” jelasnya.
Lebih lanjut Fajar pun mengungkapkan skema yang ditawarkan kepada Pemda Papua sudah termasuk pembelian saham. Inalum yang akan menanggung terlebih dahulu biaya pembelian saham pemda. Nantinya pemda bisa membayar secara bertahap kepada Inalum. Adapun nilai total yang harus dibayar Pemda sebesar US$ 900 juta.
“Kalau tidak, Pemda Papua harus menyediakan dana yang cukup besar yang belum ada di Anggaran Pendapatan dan Belanja Daerah (APBD),” ujarnya.
Sebelumnya, Head of Corporate Communications Inalum Rendi Ahmad Witular mengatakan, usulan struktur kepemilikan pemda, termasuk struktur Indocopper sebagai Perseroan Khusus, merupakan struktur yang lazim dan mempertimbangkan aspek finansial, legal, dan perpajakan. Struktur tersebut dinilai efisien bagi semua pemegang saham, termasuk Pemerintah Propinsi Papua dan Pemerintah Kabupaten Mimika.
Inalum menunggu kesepakatan antara Pemerintah Propinsi Papua dan Pemerintah Kabupaten Mimika mengenai struktur kepemilikan saham dalam BUMD yang akan dibentuk bersama. Dikatakannya, Pemda Papua bisa segera menikmati dividen pada akhir tahun ini.
“Iya (dapat dividen) jika prosesnya selesai,” jelasnya.
Tahapan demi tahapan proses divestasi Freeport menunjukkan kemajuan. Sebelumnya, Inalum telah memperoleh pendanaan sebesar US$ 4 miliar dari penerbitan surat utang global pada pekan lalu. Namun ada satu syarat lagi yang harus dipenuhi agar transaksi bisa dilaksanakan, yakni tercapainya empat poin kesepakatan antara Freeport dan pemerintah. Pasalnya, sifat perundingan itu satu kesatuan.
Pemerintah dan Freeport masih terus melakukan pembahasan. Adapun keempat poin itu yakni perpanjangan operasi sampai 2041, pembangunan smelter, divestasi 51%, dan penerimaan negara. Kesepakatan umum keempat poin itu sudah tercapai pada Agustus 2017 silam. Kini kedua pihak sedang melakukan pembahasan mendetil dari kesepakatan itu.
Investor Daily, Page-9, Tuesday, Nov 27, 2018
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