Antam raises ownership in ICA to 80 percent

State mining company PT Antam Tbk (ANTM) has purchased Marubeni?s 15 percent stake in newly established joint venture PT Indonesia Chemical Alumina (ICA) which will build and operate a chemical grade alumina factory in Tayan, West Kalimantan.

In a letter sent to the Indonesian Stock Exchange (IDX), Antam said that the purchase of Marubeni?s 15 percent stake worth $525,000 has raised the state mining company?s ownership in the joint venture to 80 percent worth $2.8 million from 65 percent. Showa Denko continues to hold a 20 percent stake worth $700,000 in the joint venture.

Antam?s corporate secretary Bimo Budi Satrio said in Jakarta on Tuesday that the purchase of Marubeni?s 15 percent stake in ICA had been approved by the Investment Coordinating Board (BKPM). (denny)