Feasibility study on mining cos merger completed
Monday, October 10 2005 - 02:12 AM WIB
A study on legal aspects of the planned merger of three listed mining firms has been completed with a recommendation to fold them into a holding firm to be called Indonesian Resources Company, Koran Tempo reported Monday.
The three firms are tin miner PT Timah, gold and nickel miner PT Antam and coal miner PT Tambang Batubara Bukti Asam.
"The concept is to set up a holding company," the report quoted Antam president Dedi Aditya Sumanegara as saying.
The prospective merger is part of the ministry's plan to cut the number of state firms from the current 158 to 60 eventually.
The current administration has yet to privatize any state asset, though PT Perusahaan Gas Negara (PGN) is being prepared for sale this year.
The government still holds 65 pct stakes in Timah and Antam and a 68.25 pct stake in Bukit Asam.(*)