Indocopper goes private

JAKARTA: Shareholders agreed on Wednesday to delist PT Indocopper Investama, a minority shareholder in mining giant PT Freeport Indonesia, from the Surabaya Stock Exchange following a move by U.S. mining giant Freeport McMoRan Copper & Gold to control the firm, according to a statement.

Freeport McMoRan is the majority shareholder of Freeport Indonesia.

The U.S. firm recently bought a 50.478 percent shareholding in Indocopper from PT Nusamba Mineral Industri, bringing its total stake in the firm to 99.49 percent.

Members of the public who own the remaining 111,595, or 0.51 percent of the total shares, agreed to sell their shares to the U.S. firm at a price of Rp 313,473 or US$30.79 per share -- JP