Shares of Newmont's Problem, the Government Approve Divestment

Saturday, May 7, 2011 Label:
Government through the Government Investment Center (PIP) and Nusa Tenggara Partnership BV (BV NTP) signed an agreement purchase agreement seven percent stake divestment of PT Newmont Nusa Tenggara (NNT) for 2010.

The signing ceremony was conducted between Head PIP Soritaon Siregar, president director of PT NNT Martiono Hadiyanto, Vice President and Deputy General Council and Director of Newmont Mining Corporation BV NTP Blake Rhodes, and Executive Vice President Nusa Tenggara Mining Corporation and Director of the NTP BV Toru Tokuhisa in Jakarta, Friday.

The signing was witnessed by Minister of Finance Agus Martowardojo, Directorate General for State Assets Hadiyanto and Director of PT NNT Rio Ogawa.

Finance Minister Agustin Martowardojo in his speech said the divestment is a message and mandate that has been written in article 24 of contract work that PT NNT is required to divest its shares owned by foreign participants to Indonesia and national shareholding to 51 percent.

"If Indonesia has a 51 percent stake represented by 44 percent before this, is the intention that the government implement this message and mandate to carry out the contract work," he said.

Minister of Finance explained that the agreed value of sales amounted to 246.8 million U.S. dollars from the earlier initial price of 271 million U.S. dollars.

"We express gratitude to the shareholders that have sharpened the value of sales of seven percent of the shares with a value that truly value the relationship of mutual respect between the two parties and agreed a good price," he said.

He said the divestment process is entirely use PIP funds without borrowing process with the help of other parties because of the PIP has a big budget so that the central government to implement all its obligations without any intervention from the board of directors.

"If the investor uses its own funds all have their rights fully in him, if there are investors taking a loan of course lenders have certain requirements and make it independent," he said.

Finance minister expects the divestment process to make the company which is engaged in this ekstratif follow the principle of good corporate governance and fulfill the obligations as well as providing the best added value for Indonesia.

"Together with the national shareholders, we will develop Newmont is so world class company," said the minister.

According to the plan, the central government will put the commissioner on the board of directors of PT. NNT with a fixed practice of the principles of good corporate governance. "The government has the opportunity to place a commissioner with the task of overseeing the board of directors, we will convince all interwoven with the principles of` good governance ', "he said.

In addition, PT. NNT will be directed to become a public company in order to enliven the capital market and the central government and local governments will work together to provide added value to this company.

Previously, the divestment of shares. NNT for the period 2006 to 2009 by 24 per cent have been implemented by local governments through PT Multi Region Compete (PT. MDB) is a joint venture between PT. Advanced Regional Competition (NTB provincial government-owned enterprises, the government district of West Sumbawa and Sumbawa regency governments) by 25 percent and 75 percent by the private sector.

Meanwhile, 20 percent of the shares of other nationally owned through ownership of shares of PT Pukuafu.

Source: Antara
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