JAKARTA - Amid negotiation to take over the aluminum producer PT Indonesia Asahan Aluminium (Inalum), the estate enterprise ministry conveyed Friday (Nov.5) that both state enterprises and Japan investors have equal chance to determine the last decision.
The state enterprise minister Mustafa Abubakar said there are still two state mining companies offering proposal to manage Inalum at Asahan regency, North Sumatera province.
"So far, state mining company PT Aneka Tambang (Antam) and the state oil and gas company PT Pertamina state interesting to own Inalum shares," Mustafa told reporters in Jakarta, on Friday.
Despite many urge the government to terminate joint venture agreement with the Japan investors which will last in 2013, Mustafa said they are still listed regarding to capability to manage the aluminum producing company.
"The Japan companies are still fine to handle Inalum back," he said.
Earlier, Mustafa stated that the government plans to take full control of aluminum producer PT Indonesia Asahan Aluminium (Inalum), led by state metal and mineral mining firm PT Aneka Tambang (Antam.
“We need about US$700-800 million for the takeover. Antam will prepare the funds from its internal reserves and domestic borrowings,” State-Owned Enterprises Minister Mustafa Abubakar said at the State Palace.
Hatta said the government estimated the deal would be worth around $220 million, based on the book value of the company in 2013 when the contract is due to end.
Meanwhile, President Susilo Bambang Yudhoyono said the government would make a move to “bring maximum real benefits to the central and local government.”
Yudhoyono added that there were already some proceeds from the current partnership, but that there had also been problems and criticisms, however he did not specify what the problems were.
North Sumatra administration has long been pushing for the “nationalization of inalum”, citing minimal benefits gained by the province and 10 cities and regencies under it since the company was established 34 years ago.
PT Toba Sejahtera, a business consortium comprising regional governments and former industry and trade minister Luhut Binsar Panjaitan, was ready to acquire the entire 59 percent stake in Inalum, North Sumatra secretary R.E. Nainggolan told The Jakarta Post on Thursday. Nainggolan said Toba would receive financial backing from BNP Paribas.
