Antam may issue bonds to finance acquisition plan
Wednesday, August 15 2007 - 01:59 AM WIB
State-owned mining company PT Aneka Tambang (Antam) may issue bonds or raise bank loans to finance its expansion plan which will include acquisition of several mining firms, Kontan reported Wednesday.
Antam’s finance director Kurniadi Atmosasmito said in
He refused to unveil the companies which would be taken over, saying that there were about 10 mining companies that had been identified as the takeover targets. "They are now being assessed and those with good performances will be taken over," he added.
In June Antam’s director for development affairs Darma Ambiar said that Antam would acquire the gold mining companies only if it would be allowed to buy at least 20 percent of their shares. By owning at least 20 percent of the shares, Antam will have an equal right with the existing shareholders who act as the operator of the mines.
“We don't want to receive dividends only. We want also to involve in operation,” he said on June 11 this year.
The company’s president director Dedi Aditya Sumanagara said also in June that the company had sent a letter to copper and gold mining company PT Newmont Nusa Tenggara, expressing its intention to buy a part of its shares.
He said that no response had be made by Newmont. But he emphasized that Antam would buy the company's shares only if the company would be allowed to buy at least 20 percent. (*)