Antam to cut stake in International Antam Resources
Thursday, July 25 2002 - 03:18 AM WIB
Publicly listed general mining company PT Aneka Tambang Tbk (Antam) has planned to reduce its 81.9 percent stake in Canada-based International Antam Resources Ltd. (IAR), formerly ERI Ventures Inc., to 19.9 percent, Antam president director Aditya Sumanagara said on Wednesday as reported by Neraca daily.
?We are continuing our study to cut Antam?s ownership in IAR to 19.9 percent from the current 81.9 percent. The reduction plan is due to market rejection of Antam?s majority ownership in the firm,? Aditya was quoted as saying.
Aditya did not say however when Antam?s plan would be materialized and to whom its shares in IAR would go.
IAR is a limited liability company which is listed on TSX Venture Exchange in Canada.
Antam is majority owned by the Indonesian government, and is still seeking funds to develop an aluminum project in West Kalimantan. (*)