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TAMBANG, February 20, 2013 | 04.51
Funding Issues May Obstruct Government’s Plan To Takeover Inalum
Jakarta - TAMBANG. Government’s plan to takeover Nippon Asahan Aluminium Co. Ltd shares at PT Indonesia Asahan Alumunium (Inalum) has apparently been stalled due to some funding issues. MS Hidayat, the Industry Minister, admitted that the government has only acquired approximately US$200 million out of the total US$700 million needed to purchase 58.88% shares.
The minister explained that the shortage is pending for further discussion between the Finance Ministry and the Legislative Board (DPR in its Indonesian abbreviation), as the fund would be allocated from state budget of 2012 and 2013. In addition to purchase the asset, the US$700 million would also be used as contingency fund and to cover the company’s operational cost during transitional period.
Inalum is a joint venture aluminum smelting project of Indonesia and Japan, built in the 1970s. Currently, 41.12% of the share is owned by the government of Indonesia, while the 58.88% is owned by Japanese government and private consortium incorporated as Nippon Asahan Alumunium. The existing management contract would expire on October 2013.
“We expected [the discussion to be concluded] to have the fund ready by 31 October. If it doesn’t, we will work out another scheme. It wouldn’t be complicated. The most important thing is for the government to control Inalum,” MS Hidayat said yesterday (2/19) in Jakarta.
Based on the team assessment findings, all assets belong to Inalum are in a good condition, including the aluminum smelter in Toba Samosir, the power plant in Batubara Regency, and other supporting facilities. However, the minister admitted that some of the aging equipment and building structures need to be repaired.
From financial aspect, the minister evaluated that Inalum is relatively in a good shape, in terms of profit, liquidity and capitalization. “Since 2004, Inalum’s financial performance has been improving. In 2011, Inalum has also paid all its debt,” he explained. []
Funding Issues May Obstruct Government’s Plan To Takeover Inalum
Jakarta - TAMBANG. Government’s plan to takeover Nippon Asahan Aluminium Co. Ltd shares at PT Indonesia Asahan Alumunium (Inalum) has apparently been stalled due to some funding issues. MS Hidayat, the Industry Minister, admitted that the government has only acquired approximately US$200 million out of the total US$700 million needed to purchase 58.88% shares.
The minister explained that the shortage is pending for further discussion between the Finance Ministry and the Legislative Board (DPR in its Indonesian abbreviation), as the fund would be allocated from state budget of 2012 and 2013. In addition to purchase the asset, the US$700 million would also be used as contingency fund and to cover the company’s operational cost during transitional period.
Inalum is a joint venture aluminum smelting project of Indonesia and Japan, built in the 1970s. Currently, 41.12% of the share is owned by the government of Indonesia, while the 58.88% is owned by Japanese government and private consortium incorporated as Nippon Asahan Alumunium. The existing management contract would expire on October 2013.
“We expected [the discussion to be concluded] to have the fund ready by 31 October. If it doesn’t, we will work out another scheme. It wouldn’t be complicated. The most important thing is for the government to control Inalum,” MS Hidayat said yesterday (2/19) in Jakarta.
Based on the team assessment findings, all assets belong to Inalum are in a good condition, including the aluminum smelter in Toba Samosir, the power plant in Batubara Regency, and other supporting facilities. However, the minister admitted that some of the aging equipment and building structures need to be repaired.
From financial aspect, the minister evaluated that Inalum is relatively in a good shape, in terms of profit, liquidity and capitalization. “Since 2004, Inalum’s financial performance has been improving. In 2011, Inalum has also paid all its debt,” he explained. []
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