REPUBLIKA.CO.ID,BENGKULU -- PT Freeport Indonesia has the potential to increase its holding assets to Rp200 trillion (approximately US$14.7 billion), if 51 percent of its shares are owned by PT Inalum.

"If the divestment of Freeport shares proceeds smoothly, then the shareholding of state-owned mining companies could rise to about Rp200 trillion," the President Director of PT Indonesia Asahan Aluminum (Inalum), Budi G Sadikin, said here, on Wednesday.

Currently, according to him, the divestment process is still under negotiation and involves various parties, including the local administrations.

The assets of holding state-owned companies in mining sector are expected to range from Rp87 trillion to Rp90 trillion (approximately $6.6 billion).

"The assets will be used to manage mineral and coal resources in Indonesia," he noted.

Currently, the mining holding is formulating a strategic plan for the next three months.

The establishment of mining holding is expected to provide benefits for all stakeholders and enable the company to become a regional player.

Meanwhile, Deputy for Mining Business, Strategic Industries and Media, Fajar Harry Sampurno, remarked that the synergy of state-owned mining is expected to improve the efficiency and financial ability to facilitate the development of business, especially in the downstream sectors.

According to Harry, there are three members of the mining holding, namely PT Aneka Tambang Tbk (ANTM), PT Bukit Asam Tbk (PTBA), and PT Timah Tbk (TINS). They will hold a General Meeting of Shareholders on Nov 29, 2017.

The agenda of the meeting is to amend the articles, following the shift of majority ownership from Indonesia to PT Inalum (Persero), the shares of which are owned by the state.

"The agenda would also include seeking shareholders¿ approval on shift of ownership to PT Inalum, with 100 percent of its shares owned by the state," Harry revealed.

Despite the shifting status, the three companies are still the state-owned enterprises. Thus, the government can have control over the three companies, either directly through ownership of shares or indirectly through PT Inalum (Persero), with 100 percent of its shares owned by the state.

This condition is managed under the Government Regulation Number 72 of 2016.

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