Press Release

THE ESTABLISHMENT of holding company from the mining SOEs is expected to provide benefits for all stakeholders with the creation of state-owned mining industry with a larger scale of business so as to compete on a regional scale. The synergy of mining SOE is also expected to improve the efficiency and financial strength so as to facilitate the development of business especially in the field of downstream. This was disclosed by Deputy of Mining Business, Strategic Industries and Media Fajar Harry Sampurno, related to the plan of the Extraordinary General Shareholders Meeting (RUPSLB) of three holding companies on November 29, 2017.

In the EGM to be held by the three holding members, namely PT Aneka Tambang Tbk (ANTM), PT Bukit Asam Tbk (PTBA) and PT Timah Tbk (TINS), the agenda is to amend the articles of association in relation to the transfer of majority ownership from the original of Indonesian State becomes the ownership of PT Inalum (Persero) wholly owned by the state. "So, the EGM will be its main agenda for shareholders' approval of a change of shareholders to PT Inalum (Persero) which is 100% owned by the state," continued Harry.

Despite the change in status, the three holding members are still treated the same as state-owned enterprises for strategic matters so that the state retains control over the three companies, either directly through dwiwarna (dichromatic) shares or indirectly through PT Inalum (Persero), which is 100% of its shares owned by the state. It is regulated in PP 72 of 2016.

"All strategic things undertaken by member holding companies, all remain under state control equal to before becoming a holding member, including those related to the House of Representatives if it will be privatized," said Business Infrastructure Deputy, Hambra. Hambra added that the change of name with the loss of "Persero" also does not give consequences of loss of state control and authority of service implementation to the community.

In relation to capital market provisions, in the implementation of the Proposed Transactions, ANTM, PTBA and TINS shall not, respectively, perform the obligation to conduct mandatory tender offer as regulated in Bapepam-LK Regulation no. IX.H.1 concerning the Takeover of Open Companies. This is because despite the change of the main shareholders in each subsidiary, there is no change of control since PT Inalum as the new shareholder is 100% owned by the Republic of Indonesia.