Freeport sells plane, aviation assets<\/p>\n
JAKARTA (JP): PT Freeport Indonesia announced here yesterday
\nthat it has sold some of its aviation-related assets in return
\nfor cash and an equity stake in a newly formed entity, PT Airfast
\nAviation Facilities Company (AVCO).<\/p>\n
The shareholders of the newly-formed company are PT Giga
\nHaksa, which acquired a 30 percent stake, PT Airfast Indonesia
\nwith a 45 percent stake and FI with 25 percent.<\/p>\n
The deal was financed by ABN-Amro Bank, Freeport said in a
\nstatement.<\/p>\n
Freeport is an affiliate of Freeport McMoRan Copper and Gold,
\nwhich is listed on the New York Stock Exchange.<\/p>\n
The total assets purchased by AVCO, worth some US$48 million
\ninclude three Boeing 732-200s, three de Haviland Canada Otters,
\nfor Bell Helicopters and one Grumman Mallard Seaplane.<\/p>\n
In addition to the aircraft, the purchase included airport
\nfacilities in Timika, Irian Jaya, previously operated by
\nFreeport, as well as other real estate and equipment.<\/p>\n
According to the statement, the sale of the assets and equity
\nredistribution are part of Freeport's overall privatization
\nprogram to sell non-mining related assets to companies
\nexperienced in those areas.<\/p>\n
The program will enable Freeport to refocus its assets on its
\ncore business of mineral deposit exploration and mining.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-sells-plane-aviation-assets-1447893297",
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"sponsor": "Okusi Associates",
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