Study on the planned establishment of holding firm needs revision

Ministry of State Enterprise has asked the result of a study on the planned establishment of a holding mining company to be revised because it is yet to complete, Suara Karya reported Saturday.

?The government has yet to make a decision on the planned establishment of the holding company even though we have received the study result,? State Enterprise Minister Sugiharto said in Jakarta.

According to Sugiharto, several points remain in question, such as the one on fiscal, legal, tax, and business plan aspect.

The holding of state mining firm will involve three mining firms PT Aneka Tambang Tbk, PT Timah Tbk and PT Tambang Batubara Bukit Asam Tbk.

The government prepares three options in regard to the planned merger of the three mining firms. First, establishing a holding company under the flag of PT Indonesia Resources Company (IRC).

Second, establishing a holding company without operating the merged company. Third, establishing an operating firm serving as a salvation company, followed by the issuance of new shares swappable with the company?s shares.

He did not elaborate whether or not the establishment of the IRC in the form of a holding firm. ?It has not yet been concluded because there should be a holistic study on the planned establishment of the IRC to find out the pros and cons about the plan,? he said.

However, Sugiharto did not detail the time frame of the realization of the planned establishment of the holding.

The study team had yet to give related answers to questions raised by the Ministry of State Enterprise, he said. (*)