Antam names HSBC as FA

Antam names HSBC as FA

JAKARTA: State gold and nickel miner PT Antam has appointed
Hong Kong Shanghai Bank Corporation (HSBC) as the financial
advisor to assist with the possible acquisition of a minority
stake in gold and copper producer PT Freeport Indonesia.

HSBC, selected from five shortlisted candidates, will
investigate whether the plan to buy 9.36 percent of Freeport's
stake, owned by the government, and 9.36 percent controlled by PT
Indocopper Investama will benefit Antam, the company said in an
e-mailed statement.

Antam is prioritizing the purchase of the government stake,
although both options will be considered as part of the financial
due diligence.

Antam, whose 65 percent of shares is controlled by the
government, must get approval from the minority shareholders for
the acquisition of the government's stake in Freeport. The
government is not allowed to vote in the nickel miner's plan to
buy one of its assets. -- JP