Loss Acquisition, Do Investors Give Loans?
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PT Indonesia Asahan Alumunium (Inalum) confirmed there were no losses in the process of acquiring 51.23 percent of PT Freeport Indonesia's shares.
Head of Corporate Communication and Inter-Institutional Relations Rendi Witular said his company did spend up to US $ 3.85 billion in the process. But it was intended to reap US $ 18 billion in net profit and management control at Freeport Indonesia.
"If it is predicted to lose, where might foreign investors want to provide funding through global bonds (global bonds) to Inalum for Freeport acquisition," said Rendi when contacted in Jakarta.
Moreover, he said, funding was provided by foreign investors without guarantee of assets and shares owned by Inalum and its subsidiaries.
The intended investor, said Rendi, included BNP Paribas from France, Citigroup from the United States, and Mitsubishi UFJ Financial Group, Inc. from Japan who were the underwriters' coordinators in issuing bonds for funding.
The news about the loss that will be borne by Inalum is sticking out during the acquisition process which will reach the deadline until June 2019.
If the transaction is delayed until the deadline, Inalum must return the loan funds that they earn and interest at 5.9 percent.
"That means if it doesn't become a divestment transaction until the deadline," said Rendi.
Concerns about this loss also arise because of changes in operations at Freeport, from open pit mining or open pit which ended in 2019, to underground mining.
Inalum President Director Budi Gunadi Sadikin, on January 10, 2019, then confirmed that Freeport's EBITDA (Earnings before interest, taxes, depreciation and amortization or an indicator to measure the health of a company) would decline due to this transition.
However, the condition was until 2023 until finally production in the underground mine was stabilized. After that, Freeport will get a profit of around US $ 2 billion per year. Inalum will get a share of US $ 1 billion because it owns 51 percent of the shares.
With bonds or debt of only around US $ 4 billion plus interest of 5.9 percent (US $ 236 million), Budi said it only took about four years to pay it off.
IN INDONESIAN
Akuisisi Rugi, Apakah Investor Beri Pinjaman?
PT Indonesia Asahan Alumunium (Inalum) menegaskan tidak ada kerugian dalam proses akuisisi terhadap 51,23 persen saham PT Freeport Indonesia.
Kepala Komunikasi Korporat dan Hubungan Antar Lembaga Rendi Witular mengatakan perusahaannya memang mengeluarkan biaya hingga US$ 3,85 miliar dalam proses in. Namun ditujukan untuk memperoleh laba bersih US$ 18 miliar dan kontrol manajemen di Freeport Indonesia.
"Kalau diprediksi merugi, mana mungkin investor asing mau memberikan pendanaan melalui global bond (obligasi global) ke Inalum untuk akusisi Freeport," kata Rendi saat dihubungi di Jakarta.
Terlebih, kata dia, pendanaan diberikan investor asing tanpa adanya jaminan aset serta saham milik Inalum dan anak perusahaannya.
Investor yang dimaksud, kata Rendi, di antaranya yaitu BNP Paribas dari Perancis, Citigroup dari Amerika Serikat, dan Mitsubishi UFJ Financial Group, Inc dari Jepang yang menjadi koordinator underwriter dalam penerbitan obligasi untuk pendanaan.
Kabar soal kerugian yang akan ditanggung oleh Inalum ini mencuat di saat proses akuisisi yang bakal mencapai tenggat waktu hingga Juni 2019.
Jika transaksi terlambat sampai tenggat waktu tersebut, Inalum harus mengembalikan dana pinjaman yang mereka peroleh berikut bunga sebesar 5,9 persen.
"Itu maksudnya kalau tidak jadi transaksi divestasi hingga tenggat waktu," tutur Rendi.
Kekhawatiran soal kerugian ini juga muncul karena adanya perubahan operasi di Freeport, dari pertambangan terbuka atau open pit yang berakhir pada 2019, menjadi pertambangan bawah tanah.
Direktur Utama Inalum Budi Gunadi Sadikin, pada 10 Januari 2019 lalu membenarkan bahwa EBITDA (Earnings before interest, taxes, depreciation and amortization atau sebuah indikator untuk mengukur kesehatan sebuah perusahaan) Freeport bakal merosot akibat peralihan ini.
Namun, kondisi itu sampai 2023 hingga akhirnya produksi di tambang bawah tanah kembali stabil. Setelah itu, Freeport bakal mendapatkan laba sekitar US$ 2 miliar per tahun. Inalum akan mendapat bagian US$ 1 miliar karena memiliki 51 persen saham.
Dengan obligasi atau utang yang hanya sekitar US$ 4 miliar plus bunga 5,9 persen (US$ 236 juta), maka Budi menyebut hanya butuh sekitar empat tahun untuk melunasinya.
Surabaya Pagi, Page-11, Tuesday, March 5, 2019
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