Freeport controls 100 percent shares of Indocopper

Shareholders of publicly listed PT Indocopper Investama Corporation on Wednesday agreed to sell 11,595 company shares to Freeport McMoran Copper & Gold Inc at Rp313,472 (US$30.79) per share, making Freeport control 100 percent of Indocopper.

The 11,595 shares constituted 0.52 percent of the entire Indocopper shares.

With Freeport controlling 100 percent stake in the company, Indocopper will be delisted from the Surabaya Stock Exchange, Indocopper chief commissioner Abdulmadjid said when announcing the results of his company?s general shareholders meeting on Wednesday.

In February, Freeport bought 50.5 percent of Indocopper shares from Indonesian company PT Nusamba Mineral Industri. Earlier, Freeport had already controlled 49 percent shares of Indocopper.

Freeport McMoran holds 90.4 percent of Freeport Indonesia which operates huge copper and gold mines in Papua. (Godang)