Govt, NAA reach deal on Inalum contract
Tuesday, December 10 2013 - 12:44 AM WIB
The government and the Nippon Asahan Aluminium (NAA) on Monday signed an agreement for the termination of the latter?s contract to operate PT Indonesia Asahan Aluminium (Inalum), Southeast Asia?s only aluminum smelter.
Indonesian Industry Minister MS Hidayat and Chairman of NAA Yoshihiko Okamoto signed the agreement at the industry ministry.
The Indonesian government will take over the 58.87 share owned by NAA. The transfer of share will be officially conducted at state-owned enterprises ministry on Dec. 19, a release from industry ministry said.
The state-owned enterprises ministry will represent the government, it said.
On his speech, Hidayat vowed to make PT Inalum a world-class firm.
?I would like to say to my colleague, the minister of state owned enterprises, that it is our country?s expectation that through your leadership, the vision to make PT Inalum a world class company, that is able to produce high value- added aluminum downstream products, and achieve an aluminum ingot production capacity of 470,000 tons by 2017 can be materialized,? said Hidayat.
Coordinating Minister for Economy Hatta Rajasa told reporters after the signing of the agreement that the share price was set at US$556.7 million.
Editing by Johannes Simbolon