Govt officially turns Inalum into SOE
Tuesday, April 29 2014 - 12:48 PM WIB
The government has officially turned PT Indonesia Asahan Aluminium (Inalum) into a state owned enterprise (SOE) following the acquisition of all the interest of a Japanese consortium in the company.
The conversion of the firm into a state owned enterprise was stipulated in the Government Regulation No. 26/2014 signed on April 21 by President Susilo Bambang Yudhoyono.
Formerly, the firm was a joint venture between the Indonesian government and Nippon Asahan Aluminium Co. Ltd with a share composition of 41.12 percent and 58.88 percent. The government recently bought the 58.88 percent shares owned by the Japanese consortium.
The firm operates a hydropower plant and aluminium smelter in North Sumatra.
Editing by Johannes Simbolon