Minister of Industry Suggests Freeport IPO

Industry Minister Airlangga Hartarto suggested that PT Freeport Indonesia (PTFI) immediately conduct an initial public offering (IPO) of shares. PT Inalum (Persero) is scheduled to pay a purchase transaction of 45.62% of PTFI's shares worth US $ 3.85 billion this December, so that later it will control around 51.23% of the world's largest gold mining shares.

Based on the value of the purchase transaction of PTFI by Inalum, the total value of PT Freeport Indonesia's shares is around US $ 8.44 billion or Rp 122 trillion. Inalum currently has a 9.36% stake, from the implementation of PTFI's obligation to divest its previous shares to the Indonesian side.

PT Indonesia Asahan Aluminum (Inalum)

Airlangga Hartarto, who is the former chairman of the Association of Indonesian Issuers, said that the Indonesia Stock Exchange (IDX) needed to invite large companies that could already be nationalized to become open companies. One of the companies that could be nationalized is PTFI, which currently has 45.62% of its shares still in the process of being purchased by the state-owned holding company PT Indonesia Asahan Aluminum (Inalum).

Biggest Gold Mine In the World

"The nationalization carried out has reached the process of controlling 51% of Freeport Indonesia and later, the company's operations will be carried out by BUMN, through Inalum. The message is clear, the control (wealth) of nature returns to Indonesia. The Exchange must catch the controlled Giant Company again by Indonesia, because of its enormous potential, "said Minister of Industry Airlangga Hartarto at the opening of the Indonesian Stock Exchange trade on December 13, 2018, in Jakarta, which also marked the commemoration of the 30th anniversary of the Association of Indonesian Issuers.

Also present at the event were Minister of Communication and Information Rudiantara, Minister of Expert Staff for Increased Use of Domestic Products Imam Haryono, Managing Director of the Indonesia Stock Exchange (BEI) Inarno Djajadi, and Chairperson of the Indonesian Issuers Association Franciscus Welirang and staff. Minister of Industry hopes the Association of Issuers Indonesia continues to play an active role as a government partner in advancing the capital market.

PT Inalum revealed that PTFI's share purchase transaction was carried out after a four-point agreement was negotiated between the government and Freeport-McMoRan Inc. (FCX) from the United States, which previously held a majority stake. Inalum has also received funding through the offer of global debt worth US $ 4 billion. This amount is enough to buy 45.62% of Freeport Indonesia's shares worth US $ 3.85 billion. The purchase of shares through the divestment scheme will make Inalum the holder of a majority or around 51% stake in Freeport Indonesia.

CEO Freeport-McMoRan Inc

Based on the time frame presented by Inalum in the meeting of the House of Representatives Commission VII (DPR) mentioned, the settlement of the divestment transaction no later than December 2018. This transaction (divestment) awaits the first four points, "Inalum Head of Corporate Communications Rendi Ahmad Witular said to Investor Daily.

The Government of Indonesia and FCX have actually reached a general agreement regarding the four points of negotiations on August 27, 2017. This agreement is:

First, PTFI changed the Contract of Work (KK) into a Production Mining Special Business License (IUPK) and received a guarantee of operation. Second, PTFI will build a smelter within 5 years. Third, the government provides fiscal and regulatory guarantees for PTFI operations. Fourth, FCX is willing to reduce ownership in PTFI so that the Indonesian entity can own a 51% stake in PTFI. After the 4 items were agreed upon, PTFI will get an extension of the 2x10 year operating period until 2041.

Meanwhile, based on data from Freeport-McMoRan, Freeport operations in Indonesia generate operating profits of US $ 2.94 billion in the third quarter of 2018. This increase dramatically increased 185.2% compared to the same period in 2017 worth US $ 1.03 billion. In the same period, Freeport-McMoRan's net profit reached US $ 2.11 billion, a dramatic increase of 172.8% compared to the previous US $ 0.78 billion.

While the production of Freeport operations in Indonesia during this period, among others, was 990 million pounds of copper, up 53% from the previous 647 million pounds. In addition, gold amounted to 2.09 million ounces, or a dramatic increase of 110.6% compared to the previous 0.99 million ounces.

Increase Market Capitalization

On the same occasion, Inarno Djajadi said that he would encourage Freeport to become an issuer in domestic exchanges, so that it could increase IDX's market capitalization. Even so, until now there have been no specific steps and approaches taken by the stock exchange to invite these companies to be listed on the stock exchange.

"It could be that in the future we encourage them to be listed here, with socialization. Yes, their names are companies domiciled in Indonesia, they should be listed also in Indonesia, "said Inarno.

Waiting for the Revision of the Credit Guarantee Company (PPK)

Based on Investor Daily's records, after the agreement between the Republic of Indonesia and FCX on August 27, 2017, both parties were then scheduled to hold detailed discussions. Later, the details of the agreement will be included in the IUPK attachment. The discussion of these details has relatively shown significant results, which can be seen from the issuance of Government Regulation Number 37 Year 2018 concerning Tax Treatment and or Non-Tax State Revenues in the Mineral and Coal Mining Business Field.

The regulation signed by President Joko Widodo in early August contained provisions regarding state revenues for mining companies that turned into IUPK. The provisions in this Government Regulation constitute the government's commitment to provide investment stability. Then in the near future it is scheduled to issue the sixth revision of Government Regulation (PP) Number 23 of 2010 concerning Implementation of Mineral and Coal Mining Business Activities. One of the clauses in the revised text contains provisions for the extension of CoW and Coal Mining Concession Work Agreement (PKP2B) into Production Operation IUPK without auction.

The extension was given after the end of the KK and PKP2B by considering increasing state revenues. On a separate occasion, the Investor Daily Sources stated, the discussion process between the government and FCX was still awaiting the issuance of IUPK by the Ministry of Energy and Mineral Resources (ESDM). But the publication is still awaiting environmental recommendations from the Ministry of Environment and Forestry (KLHK).

"If IUPK is completed, this December can be finished divestment," he said.

Confirmed about this, Freeport Indonesia spokesman Riza Pratama said earlier, his side had not received the latest information regarding negotiations with the government. However, he mentioned that Government Regulation Number 37 Year 2018 had guaranteed investment. It also waits for what the revised Government Regulation Number 23 of 2010 will be issued. Furthermore, Riza explained that the recommendations from the Ministry of Environment and Forestry had not yet come out. However, discussions with KLHK have been completed.

"We are waiting for KLHK recommendations," he said.

Environmental issues emerged along with 6 recommendations from the Supreme Audit Agency (BPK) for Freeport mining activities. The last discussion between Freeport and the Ministry of Environment and Forestry was related to two BPK recommendations, namely the Environmental Evaluation Document (DELH) and Forest Zone Loan (IPPKH) Permit. DELH became a recommendation because Freeport was assessed as carrying out underground mining operations and the extension of the west and east dikes without environmental permits.

Meanwhile, Freeport has established an operation and construction of embankments already included in the environmental impact analysis (Amdal). In addition, the BPK's findings also stated Freeport used a protected forest area of ​​4,535.93 hectares without IPPKH. Meanwhile Freeport said that the 4,500 hectare land was a concession area under the Contract of Work signed in 1991 during the New Order era while still being led by the late President Soeharto.

At that time it was not declared a protected forest area. Provisions regarding protected forests have just been stated based on Law Number 41 Year 1999 junto Law Number 19 Year 2004 concerning Forestry. ESDM Ministry Director General of Mineral and Coal Bambang Gatot revealed earlier, environmental issues were the main requirement in issuing IUPK. Because, Freeport must attach environmental documents in submitting an application for IUPK. However, environmental issues become the domain of KLHK

"In the process of issuing IUPK, environmental issues are a part of being considered, meaning that the company must be resolved," he said.

Tax Incentives

On the same occasion, Airlangga explained that the government continued to improve the investment climate, so that Indonesia would enter a period of maturity in 2045 by becoming the ranks of the five countries that have the strongest economy in the world. Airlangga said, there were several global manufacturing investors who would enter Indonesia, including the smartphone industry from Taiwan which set up factories in Batam as well as the textile, clothing and shoes industries that wanted to make Central Java the production base for the export market.

"At present, the Taiwanese company Pegatron is reviewing investment in Indonesia, which is planned to partner with PT Sat Nusapersada Tbk. This is one of the investments that will enter in Batam, in the first phase of around US $ 1 billion. The automotive industry from South Korea is also interested in investing in Indonesia, even the steel industry in the Industrial Estate will be more expansive. We are optimistic that the performance of the manufacturing industry will grow positively in the first quarter of next year, "he explained.

Especially in the near future the government issued a policy on the provision of fiscal incentives in the form of super deductible tax. In addition, the trade war between China and the United States was considered to bring positive opportunities for Indonesia.

"Various buyers told me, that in the next five years, their orders will be transferred from China. They hope there will be new countries in Asia that can capture the growth of global demand. For this reason, Indonesia is pushing for a Free Trade Agreement (FTA) to be signed immediately, so that import duties, Indonesian products become 0%, such as Europe and Australia, "he explained.

IN INDONESIAN

Menteri Perindustrian Sarankan Freeport IPO

Menteri Perindustrian Airlangga Hartarto menyarankan PT Freeport Indonesia (PTFI) segera melakukan penawaran umum perdana (initial public offering/IPO) saham. PT Inalum (Persero) dijadwalkan membayar transaksi pembelian 45,62% saham PTFI senilai US$ 3,85 miliar pada Desember ini, sehingga nantinya menguasai sekitar 51,23% saham tambang emas terbesar di dunia tersebut.

Berdasarkan nilai transaksi pembelian saham PTFI oleh Inalum itu, total nilai saham PT Freeport Indonesia sekitar US$ 8,44 miliar atau Rp 122 triliun. Inalum saat ini sudah memiliki 9,36% saham, dari pelaksanaan kewajiban PTFI untuk divestasi saham sebelumnya kepada pihak Indonesia.

Airlangga Hartarto yang merupakan mantan ketua Asosiasi Emiten Indonesia mengatakan, Bursa Efek Indonesia (BEI) perlu mengajak perusahaan  besar yang sudah bisa dinasionalisasi untuk menjadi perusahaan terbuka. Salah satu perusahaan yang bisa dinasionalisasi adalah PTFI, yang saat ini 45,62%  sahamnya  masih dalam proses pembelian oleh holding BUMN tambang, PT Indonesia Asahan Aluminium (Inalum).

“Nasionalisasi yang dilakukan sudah mencapai proses menguasai 51% Freeport Indonesia dan nantinya, operasional perusahaan tersebut dilakukan oleh BUMN, melalui Inalum. Pesannya jelas, penguasaan (kekayaan) alam kembali ke Indonesia. Bursa harus menangkap lagi Giant Company yang dikuasai oleh Indonesia, karena potensinya sangat besar,” kata Menteri Perindustrian Airlangga Hartarto saat pembukaan perdagangan Bursa Efek Indonesia pada 13 Desember  2018, di Jakarta, yang juga menandai peringatan ulang tahun ke-30 Asosiasi Emiten Indonesia.

Hadir pula dalam acara tersebut adalah Menteri Komunikasi dan Informatika Rudiantara, Staf Ahli Menteri Bidang Peningkatan Penggunaan Produk Dalam  Negeri Imam Haryono, Direktur Utama Bursa Efek Indonesia (BED Inarno Djajadi, serta Ketua Umum Asosiasi Emiten Indonesia Franciscus  Welirang beserta jajarannya. Menteri Perindustrian berharap Asosiasi Emiten Indonesia terus berperan aktif menjadi mitra pemerintah dalam memajukan  pasar modal. 

PT Inalum mengungkapkan sebelumnya, transaksi pembelian saham PTFI dilakukan setelah tercapainya kesepakatan empat poin negosiasi antara  pemerintah dengan Freeport-McMoRan Inc (FCX) dari Amerika Serikat, yang sebelumnya menguasai saham mayoritas. Inalum juga sudah mendapatkan  pendanaan melalui penawaran\surat utang global senilai US$ 4 miliar. Jumlah tersebut cukup untuk membeli 45,62% saham Freeport Indonesia senilaiUS$ 3,85 miliar. Pembelian saham melalui skema divestasi tersebut akan membuat Inalum menjadi pemegang mayoritas atau sekitar 51% saham Freeport  Indonesia.

Berdasarkan kerangka waktu yang dipaparkan Inalum dalam rapat Komisi VII Dewan Perwakilan Rakyat (DPR) disebutkan, penyelesaian transaksi  divestasi paling lambat pada Desember 2018. Transaksi (divestasi) ini menunggu empat poin yang dulu itu,” kata Head of Corporate Communications  Inalum Rendi Ahmad Witular kepada Investor Daily.

Pemerintah RI dan FCX sebenarnya sudah mencapai kesepakatan umum terkait empat poin negosiasi tersebut pada 27 Agustus 2017. 

Kesepakatan ini adalah :

Pertama, PTFI mengubah Kontrak Karya (KK) menjadi Izin Usaha Pertambangan Khusus (IUPK) Operasi Produksi dan mendapatkan jaminan  

operasi. Kedua, PTFI akan membangun smelter dalam jangka waktu 5 tahun. Ketiga, pemerintah memberikan jaminan fiskal dan regulasi untuk operasional  PTFI. Keempat, FCX bersedia mengurangi kepemilikan di PTFI sehingga entitas Indonesia bisa memiliki 51% saham di PTFI. Setelah 4 butir tersebut disepakati,  maka PTFI akan mendapatkan perpanjangan masa operasi 2x10 tahun hingga 2041.

Sementara itu, berdasarkan data dari Freeport-McMoRan, operasi Freeport di Indonesia menghasilkan keuntungan operasi US$ 2,94 miliar 

hingga kuartal III-2018. Perolehan ini meningkat drastis 185,2% dibanding periode sama 2017 senilai US$ 1,03 miliar. Dalam periode yang sama, laba bersih  Freeport-McMoRan mencapai US$ 2,11 miliar, meningkat drastis 172,8% dibanding sebelumnya US$ 0,78 miliar. Sedangkan produksi operasi Freeport di Indonesia pada periode tersebut, antara lain adalah 990 juta pon tembaga atau naik 53% dari sebelumnya 647 juta pon. Selain itu, emas sebanyak 2,09 juta ons, atau meningkat drastis 110,6% dibanding 0,99 juta ons sebelumnya. 

Tingkatkan Kapitalisasi Pasar 

Pada kesempatan yang sama, Inarno Djajadi mengatakan akan mendorong Freeport untuk bisa menjadi emiten di bursa dalam negeri, sehingga  bisa meningkatkan kapitalisasi pasar BEI. Meski demikian, hingga saat ini belum ada langkah dan pendekatan khusus yang dilakukan oleh bursa untuk  mengajak perusahaan ini listed di bursa.

“Bisa saja ke depan kita dorong mereka untuk listed di sini, dengan sosialisasi. Ya, namanya mereka perusahaan berdomisili di Indonesia, seharusnya 

mereka listed juga di Indonesia,” kata Inarno.

Memunggu Revisi Perusahaan Penjaminan Kredit (PPK)

Berdasarkan catatan Investor Daily, pasca kesepakatan pemerintah RI dan FCX pada 27 Agustus 2017, kedua belah pihak kemudian dijadwalkan  melakukan pembahasan yang mendetail. Nantinya, detail kesepakatan akan dimasukkan ke dalam lampiran IUPK Pembahasan detail tersebut relatif sudah  menunjukkan hasil signifikan, yang terlihat dari diterbitkannya Peraturan Pemerintah Nomor 37 Tahun 2018 tentang Perlakuan Perpajakan dan atau Penerimaan Negara Bukan Pajak di Bidang Usaha Pertambangan Mineral dan Batu Bara. 

Regulasi yang ditandatangani Presiden Joko Widodo pada awal Agustus itu memuat ketentuan mengenai penerimaan negara bagi perusahaan tambang yang  beralih menjadi IUPK Ketentuan di dalam Peraturan Pemerintah ini merupakan komitmen pemerintah dalam memberikan stabilitas investasi.  Kemudian dalam waktu dekat dijadwalkan penerbitan revisi keenam Peraturan Pemerintah (PP) Nomor 23 Tahun 2010 tentang Pelaksanaan Kegiatan Usaha  Pertambangan Mineral dan Batu Bara. Salah satu klausul dalam naskah revisi memuat ketentuan perpanjangan KK dan Perjanjian Karya Pengusahaan Pertambangan Batu Bara  (PKP2B) menjadi IUPK Operasi Produksi tanpa melalui lelang.

Perpanjangan itu diberikan setelah berakhirnya KK dan PKP2B dengan mempertimbangkan peningkatan penerimaan negara. Pada kesempatan  terpisah, Sumber Investor Daily sebelumnya menyebutkan, proses pembahasan antara pemerintah dan FCX masih menunggu diterbitkannya IUPK oleh Kementerian Energi dan Sumber Daya Mineral (ESDM). Namun penerbitan itu masih menunggu rekomendasi lingkungan dari Kementerian Lingkungan Hidup dan Kehutanan (KLHK) . 

“Kalau IUPK selesai maka Desember ini bisa selesai divestasi,” ujarnya.

Dikonfirmasi mengenai hal itu, Juru bicara Freeport Indonesia Riza Pratama mengatakan sebelumnya, pihaknya belum mendapat info terbaru terkait negosiasi dengan pemerintah. Namun, dia menyebut bahwa Peraturan Pemerintah Nomor 37 Tahun 2018 sudah memberi jaminan investasi. 

    Pihaknya juga menunggu seperti apa revisi Peraturan Pemerintah Nomor 23 Tahun 2010 akan diterbitkan. Lebih lanjut, Riza saat itu menjelaskan bahwa rekomendasi dari KLHK belum keluar. Namun pembahasan dengan KLHK sudah selesai. 

“Kami menunggu rekomendasi KLHK,” ujarnya.

Isu lingkungan muncul bersama dengan 6 rekomendasi Badan Pemeriksa Keuangan (BPK) untuk kegiatan tambang Freeport. Pembicaraan 

terakhir antara Freeport dan KLHK terkait dua rekomendasi BPK, yakni Dokumen Evaluasi Lingkungan Hidup (DELH) dan Izin Pinjam Pakai Kawasan Hutan (IPPKH). DELH menjadi rekomendasi lantaran Freeport dinilai melakukan operasi tambang bawah tanah serta perpanjangan tanggul barat dan timur tanpa izin lingkungan.

Sementara itu, Freeport berpendirian kegiatan operasi dan pembangunan tanggul sudah masuk dalam analisis dampak lingkungan (amdal). Selain  itu temuan BPK juga menyatakan Freeport menggunakan kawasan hutan lindung seluas 4.535,93 hektare tanpa IPPKH. Sedangkan Freeport menyatakan lahan seluas 4.500 hektare tersebut merupakan area konsesi berdasarkan Kontrak Karya yang ditandatangani pada 1991 era Orde Baru saat masih dipimpin mendiang Presiden Soeharto. 

Pada saat itu belum dinyatakan sebagai kawasan hutan lindung. Ketentuan mengenai hutan lindung baru saja dinyatakan berdasarkan Undang-Undang Nomor 41 Tahun 1999 junto Undang-Undang Nomor 19 Tahun 2004 tentang Kehutanan. Direktur Jenderal Mineral dan Batu Bara Kementerian ESDM Bambang Gatot mengungkapkan sebelumnya, isu lingkungan menjadi syarat utama dalam menerbitkan IUPK. Pasalnya, Freeport harus melampirkan dokumen lingkungan dalam mengajukan permohonan IUPK. Namun, isu lingkungan menjadi domain KLHK

“Dalam proses penerbitan IUPK isu lingkungan menjadi bagian dipertimbangkan, artinya harus diselesaikan perusahaan,” ucapnya.

Insentif Pajak 

Pada kesempatan yang sama, Airlangga menjelaskan bahwa pemerintah terus memperbaiki iklim investasi, sehingga Indonesia akan memasuki masa  ke-emasan pada 2045 dengan menjadi jajaran lima negara yang memiliki perekonomian terkuat di dunia. Airlangga menyebut, ada beberapa investor manufaktur global yang akan masuk ke Indonesia, antara lain industri smartphone dari Taiwan yang mendirikan pabrik di Batam serta industri tekstil, pakaian, dan sepatu yang ingin menjadikan Jawa Tengah menjadi basis produksi untuk pasar ekspor.

“Saat ini, Perusahaan dari Taiwan Pegatron sedang mengkaji untuk investasi di Indonesia, yang rencananya menggandeng PT Sat Nusapersada Tbk. Ini menjadi salah satu investasi yang akan masuk di Batam, pada tahap pertama sekitar US$ 1 miliar. Industri otomotif dari Korea Selatan juga berminat investasi di Indonesia, bahkan industri baja di Kawasan Industri akan bakal lebih ekspansif produksinya. Kami optimistis kinerja industri manufaktur akan tumbuh positif pada kuartal pertama tahun depan,” paparnya.

Apalagi dalam waktu dekat pemerintah mengeluarkan kebijakan tentang pemberian insentif fiskal berupa super deductible tax. Di  samping itu, adanya perang dagang Tiongkok dan Amerika Serikat dinilai bisa membawa peluang positif bagi Indonesia.

“Berbagai buyer mengatakan kepada saya, bahwa pada lima tahun ke depan, order mereka akan dialihkan dari Tiongkok. Mereka berharap ada negara baru di Asia yang bisa menangkap pertumbuhan demand global. Untuk itu, Indonesia mendorong Free Trade Agreement (FTA) segera ditandatangani, sehingga bea masuk, produk Indonesia menjadi 0% seperti ke Eropa dan Australia,” paparnya.

Investor Daily, Page-1, Friday, Dec 14, 2018

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