Bakrie says no intention to buy Freeport’s shares
Friday, February 20 2004 - 03:05 AM WIB
“BNBR had no intention to buy a 51 percent stake in PT-FI as reported by media,” the company said in a statement replying JSX’ query about the matter. PT-FI is a subsidiary of New Orleans-based copper and gold mining giant Freeport McMoRan Copper & Gold Inc. (FCX), which is listed on the New York Stock Exchange.
JSX on Thursday suspended BNBR’s shares from trading after the company’s shares soared from Rp.50-60 to Rp.75 (US$ = Rp.8, 400) for the last few days.
BNBR is former shareholder of PT Indocopper Investama, which controlled around 10 percent of PTFI’s shares. BNBR acquired PTFI’s shares under contract of works rule that obliged FCX to divest its shares to Indonesian companies in 1992. BNBR later in 1997 sold around 50 percent shares in Indocopper, which was listed on JSX to Nusamba Group, which was linked to former President Soeharto.
FCX later bought all shares of Indocopper and delist the company from JSX. FCX is proposing merger of Indocopper to PTFI, thus effectively controlling 90 percent of PTFI’s shares. Around 10 percent shares of PTFI is controlled by Indonesian government.
The government via Ministry of energy and Mineral resources thus far had not granted FCX’ proposal to merge its two subsidiaries. Some government sources said that by approving the merger, the government would be under fire for allowing FCX to buy back shares that has become portion of Indonesian companies.(alex)