Ownership of PT Smelting

In The Jakarta Post on Aug. 26 it was mentioned that PT Smelting, one of the companies recently inaugurated by President Abdurrahman Wahid, was owned by PT Petrokimia and PT Semen Gresik.

We object to this news because it is not true, and will cause wide misunderstanding among your huge numbers of readers, which include our customers and suppliers.

The true ownership of our shares is as follows:

1. Mitsubishi Materials Corporation: 60.5 percent

2. PT Freeport Indonesia: 25 percent

3. Mitsubishi Corporation: 9.5 percent

4. Nippon Mining and Metals Co. Ltd.: 5 percent

This means that none of our shares are held by PT Petrokimia Gresik or PT Semen Gresik.

We explained this to the Post journalists when they toured our plant.

SYAIFUL BACHRI

Senior Manager

Human Resources Section

and General Affairs Section

PT Smelting, East Java