Ministry says tender offer on PT.Inco against CoW
Friday, November 10 2006 - 12:59 AM WIB
Ministry of Energy and Mineral Resources considered plan to hold tender offer on South Sulawesi nickel firm PT Inco was against contract of work (CoW), Kompas daily reported.
Director General of Geology, Coal and Mineral Simon Sembiring said in Jakarta Thursday that CoW with PT.Inco clearly stipulated that 20 percent of the company?s shares must be floated in stock exchange and owned by local investors. ?CoW must be honored, and therefore, any plan to delist PT. Inco is against the contract,? he said.
Stock Exchange Commsission BAPEPAM had asked for the ministry?s opinion on tender offer possibility after Brazilian firm Companiha Vale de Rio Doce acquired PT.Inco?s parent company Inco Limited last month.
Under capital market regulation, any party acquired majority shares of a company listed in JSX is obligated to conduct tender offer.(*)