Govt. to sell 14% Aneka Tambang stake in 2004<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The government plans to sell some of its shares in state
\nmining firm PT Aneka Tambang (Antam) next year to cap the budget
\ndeficit, a senior official said on Friday.<\/p>\n
Deputy State Minister of State Enterprises Mahmuddin Yasin was
\nquoted by Dow Jones as saying that the government plans to sell a
\n14 percent stake in the company. The government still has a 65
\npercent stake in Antam.<\/p>\n
However, Mahmuddin said the government had not decided on the
\nsale mechanism.<\/p>\n
"We haven't decided whether the sale of Aneka Tambang will be
\nthrough a block sale or a strategic investment sale," Mahmuddin
\nsaid.<\/p>\n
The 2004 state budget put the budget deficit at around Rp
\n24.41 trillion or 1.2 percent of the total budget. The State
\nMinistry of State Enterprises aims to collect around Rp 5
\ntrillion from the sale of assets in state-owned companies.<\/p>\n
The government has said it also plans to sell another 10
\npercent stake in PT Bank Mandiri, 15 percent in coal producer PT
\nTambang Batu Bara Bukit Asam, up to 14 percent in tin mining
\ncompany PT Timah and up to 30 percent in PT Bank Negara Indonesia
\n(BNI).<\/p>\n
It also plans to sell a stake in PT Merpati Airlines, finance
\ncompany PT Danareksa Persero and airport operator PT Angkasa Pura
\nI.<\/p>\n
Eko Endriawan, Antam's investor relations officer said the
\ncompany had not been informed that it was on the government's
\nprivatization list for next year.<\/p>\n
"The management is not aware of a government plan to privatize
\nAneka Tambang. If there is such a plan, it is the decision of
\nshareholders," Eko told The Jakarta Post.<\/p>\n
He added that so far, the management and the government had
\nnot met to discuss the planned privatization.<\/p>\n
Eko said the company expected to post strong growth this year
\nspurred by high production and the high price of nickel and gold,
\nthe company's main products.<\/p>\n
For the first nine months of this year, the company posted an
\noperating profit of Rp 320 billion, up 83 percent from Rp 175
\nbillion in the same period last year. The company's net profit
\nrose Rp 167 billion in the first nine months, up 36 percent from
\nRp 123 billion in the same period last year.<\/p>\n
Nickel sales were up 23 percent in the first nine months from
\n5,552 tons last year to 6,853 tons while the price of nickel rose
\nfrom US$2.97 per pound to $3.72 per pound. Revenue from nickel
\nsales was Rp 484 billion in the first nine months of this year.<\/p>\n
The company sold 3,613 kilograms of gold in the first nine
\nmonth this year and revenue from the sales was Rp 353 billion.<\/p>\n
The company is constructing a new smelter at its nickel mining
\nsite Pomalaa, in South Sulawesi to increase production to 15,000
\ntons a year. Antam currently produces 11,000 tons of nickel
\nannually from the two existing smelters.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-to-sell-14-aneka-tambang-stake-in-2004-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}