Govt plans to divest another 14 percent stake in Aneka Tambang
But Antam wants a delay
Monday, February 28 2000 - 04:00 PM WIB
The government plans to divest another 14 percent stake in the state owned publicly listed gold and copper mining company PT Aneka Tambang (Antam) this year in a bid to help raise Rp 6.5 trillion in privatization proceeds, according to a senior government official.
Deputy of the State Minister of Investment and State Enterprises Benny Pasaribu said that the government was optimistic that it could meet the new Rp 6.5 trillion privatization target (compared to the earlier target of Rp 5.9 trillion) because of the prospect of selling a 14 percent stake in Antam.
Bisnis Indonesia quoted a government source as saying that the divestment would be made through a rights issue process.
Separately, president of Antam Dedy A. Sumanegara called on the government to delay the Antam IPO plans because of low mineral prices in the world market.
He said that stock prices of mining companies have plunged because of the low commodity prices.(*)