Govt prepares Rp7 trillion to take over Inalum
Tue, July 31 2012 21:43 | 657 Views
Jakarta (ANTARA News) - The government has prepared a budget reaching almost Rp7 trillion for taking over tin producer PT Inalum in 2013, Industry Minister MS Hidayat said.
The map of Inalum factory (ispecial)
The government is now still conducting negotiations unofficially in an effort to seek a purchase agreement, discuss legalization and the fate of workers.
"Indonesia is seeking to hold 100 percent shares of the company by buying the rest 59 percent shares of the company after already holding 41 percent," he said here on Tuesday.
He said the government is now still conducting negotiations unofficially in an effort to seek a purchase agreement, discuss legalization and the fate of workers.
He said an official negotiation would be started in August or September this year.
"According to the master agreement if we take over or buy the company`s shares payment as well as negotiations must be finished a year before the deadline," he said.
So, he said, negotiations and payment for the Inalum shares must be finished by the end of October as the deadline falls in October 2013.
Hidayat said if the funds for purchasing the shares come from the national budget the government would discuss them first with the House of Representatives.
After controlling all Inalum shares the government would later name a state-owned company to manage Inalum but so far no decision has been made with regard to which company that would be chosen to manage it, he said.(*)
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