Holding mining company to go public

A holding company of state mining firms, which is currently under preparation, will float its shares on the stock exchange about a year after its establishment, a senior government official has said.

 

Roes Aryawijaya, a deputy at the office of state minister for state enterprises, said in Jakarta Friday that the holding company which would include state-owned mining companies PT Aneka Tambang, PT Tambang Batubara Bukit Asam and PT Timah was currently under preparation.

 

"We hope the holding company could begin operation by the end of this year, and go public a year after its establishment," he was quoted by Kontan daily as saying on Friday. 

 

He said besides controlling the ownership of state mining firms, the holding company would be also encouraged to acquire the government's stake in private mining firm such as Freeport.

 

He said the government is considering two options regarding its 9.36 percent stake in Freeport: to give it to the holding company or sell it.  (*)