Freeport to divest additional stake in October
Wednesday, June 24 2015 - 03:48 AM WIB
Gold and copper giant PT Freeport Indonesia (PTFI) plans to offer 10.64 percent shares to Indonesian investors in October of this year to fulfill its divestment obligation as required by government regulation, reports said on Wednesday.
According to Government Regulation No 77/2014, PTFI is required to divest a total of 30 percent stake. It has in the past divested nearly 10 percent stake.
?The divestment will be held in October,? PTFI President Director Maroef Sjamsoeddin told reporters following a meeting with House of Representatives Commission VII on energy and mining Tuesday.
He added that the company will divest the remaining 10 percent stake in 2019.
According to the regulation, PTFI must first offer the shares to the Indonesian central government, and the second priority is to the provincial administration in Papua where the company operates underground mine in the province. (*)