"The assets, worth around Rp90 trillion, would be used to manage mineral and coal resources in Indonesia," President Director of the state-owned aluminium miner PT Indonesia Asahan Aluminium (Inalum), Budi G Sadikin, said here, on Wednesday.
Currently, the state mining holding company is still formulating its planned strategy for the next three months.
The establishment of the holding company is expected to benefit all stakeholders, in order to create a state mining industry that could compete in regional market.
Meanwhile, the Deputy for mining and strategic industry of the state-enterprises, Minister Fajar Harry Sampurno, stated that the synergy among state-owned miners is expected to improve their efficiency and financial strength and to expand their businesses in downstream sectors.
The holding companies, comprising of PT Aneka Tambang tbk (Antam), PT Bukit Asam Tbk (PTBA), and PT Timah Tbk (TINS), would hold their extraordinary shareholders meeting (RUPSLB) on Nov 29.
"The meeting will include the main agenda of seeking shareholders' approval on the shift of the majority ownership to PT Inalum, which is 100 percent state-owned," Harry noted.
Three other member companies would be treated equally for strategic business; thus, the government would maintain its control over the three companies directly, through its share ownership, as well as indirectly, through PT Inalum, in accordance with the presidential regulation no. 72/2016. *