Antam to sell shares in ICA to Showa Denko

IDX-listed mining company PT Aneka Tambang Tbk (Antam) plans to sell part of its shares in PT Indonesia Chemical Alumina (ICA) to its Japanese partner Showa Denko KK, Investor Daily reported on Tuesday.

The paper quoted Antam Finance Director Wikan Pramudhio as saying that while the company has yet to decide the amount of ICA shares to be divested, Antam is comfortable of having only 50 percent shares.

Antam currently holds 80 percent shares of ICA, while the remainder 20 percent is held by Showa Denko.

ICA, which processes bauxite ores into chemical grade alumina in Tayan, West Kalimantan, started production last year, and the company is seeking to ramp up output this year, according to Dimas. ICA has an installed production capacity of 300,000 tons per year. (*)