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