Indocopper Investama to go private to make way for merger with Freeport Indonesia
Wednesday, May 22 2002 - 07:04 AM WIB
Surabaya Stock Exchange Listed investment firm PT. Indocopper Investama Corporation (IICO) plans to go private after US mining giant Freeport McMoRan Copper and Gold Inc. had acquired 99.48 percent of PT-II?s shares, Paulce Wenas, PT-II?s president was quoted by Satunet.Com as saying on Wednesday.
PT-II?s primary assets are 9.4 percent ownership in PT. Freeport Indonesia, a subsidiary of Freeport McMoRan, which runs giant copper and gold mining in the province of Papua.
Paulce said Freeport McMoRan had offered to buy the remaining shares of PT-II held by public at premium price and PT-II would seek approval from independent shareholders to go private in June 19.
Paulce said that after going private, IICO would merge with Freeport Indonesia with the latter as surviving company.
According to the release from Freeport McMoRan, until the first quarter of 2002, it holds 90.4 percent of Freeport Indonesia?s shares while government of Indonesia holds 9.39 percent. (alex/robert)