Antam submits expression of interest to buy NNT stake

JSX-listed state miner PT. Aneka Tambang (Antam) said on Tuesday it had formally submitted letter of interest to acquire part of stake of Nusa Tenggara copper and gold miner PT.Newmont Nusa Tenggara (NNT).

CEO Dedi Aditya Sumanegara told reporters that it was assisted by Macquire Securities to evaluate the acquisition plan.

According to NNT Contract of Work, the company is obliged to sell 10 percent of its shares to national firm(s) this year with benchmark price of US$391 million. NNT will gradually divest another 21 percent stake in NNT until 2010, with the ultimate aim of reducing foreign ownership shares in the company to maximum of 49 percent.

Aside from Antam, several companies including Bumi Resources, Darma Henwa and Recapital Advisors had also expressed interest to buy NNT?s shares. (*)