Govt okays Antam?s right issue plan
Wednesday, March 24 2004 - 01:48 PM WIB
JSX-listed state miner PT Aneka Tambang (Antam) has received approval from the Indonesian government to issue rights shares to partly finance the development of an alumina project in Tayan, West Kalimantan, agencies reported.
Deputy State Enterprises Minister Aloysius Kiik Ro told reporters Wednesday that Antam is expected to raise US$ 31 million from issuing new shares
He said the company is expected to issue the new shares "soon".
Antam needs US$ 180 to develop Tayan bauxite mine and to build chemical grade alumina plant, which will have an annual production capacity of 300,000 metric tons of alumina a year. Alumina is the raw material for producing aluminium
The government owns a 65% stake in Antam. Antam is reportedly in talks over a possible joint venture with two Japanese investors. (*)