ID :
30103
Thu, 11/13/2008 - 23:37
Auther :
Shortlink :
http://m.oananews.org//node/30103
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PTBA STILL UNDECIDED ABOUT JOINING NORTHSTAR CONSORTIUM
Jakarta, Nov 13 (ANTARA) - State coal mining firm PT Tambang Batubara Bukit Asam (PTBA) is still undecided about joining a Northstar Pacific consortium to buy a 35 percent stake in thermal coal producer PT Bumi Resources Tbk, a minister said.
"It depends on the company concerned (PT BA). But they (PTBA) have a good strategy they have to take into account," State Enterprises Minister Sofyan Djalil said after addressing a seminar on economic outlook here on Thursday.
Sofyan said PTBA's decision to join the consortium must be adjusted to the conditions and qualifications set by Northstar.
"In addition, it must also meet a number of requirements according to GCG (good corporate governance). And its condition must be clean and clear so whoever audits it will have no problem," he said.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35-percent stake in BUMI worth US$1.3 billion, defeating other contenders San Miguel of the Philippines and Tata Group of India.
Besides PT BA, two other state-owned enterprises -- PT Antam Tbk and PT Timah Tbk -- once expressed interest in purchasing BUMI shares but failed to reach a deal as the price offered was too high.
Sofyan said any state mining company that will join the consortium must first undergo a due dilligence test.
It is still unclear which company will become Northstar's partner in the consortium.
Rumours have it that the state firms are wishing to join the consortium not merely to invest in BUMI but also to control or have exclusive rights over the company.
"I don't know that. The problem is not about investment because if they (PTBA) are willing to invest in BUMI they can buy its shares from the stock market," he said.
Neither did he know exactly the motive behind Northstar's wish to buy BUMI shares.
The price of BUMI shares fell to Rp1,300 at the Indonesia Stock Exchange (BEI) in the middle of this week.
Many have alleged that the government had intervened in BUMI shares trading at the BEI after the decision to suspend the trading was cancelled on Wednesday.
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"It depends on the company concerned (PT BA). But they (PTBA) have a good strategy they have to take into account," State Enterprises Minister Sofyan Djalil said after addressing a seminar on economic outlook here on Thursday.
Sofyan said PTBA's decision to join the consortium must be adjusted to the conditions and qualifications set by Northstar.
"In addition, it must also meet a number of requirements according to GCG (good corporate governance). And its condition must be clean and clear so whoever audits it will have no problem," he said.
Northstar is an investment company which is part of the Texas Pacific Group of the United States. It has won the purchase offer of 35-percent stake in BUMI worth US$1.3 billion, defeating other contenders San Miguel of the Philippines and Tata Group of India.
Besides PT BA, two other state-owned enterprises -- PT Antam Tbk and PT Timah Tbk -- once expressed interest in purchasing BUMI shares but failed to reach a deal as the price offered was too high.
Sofyan said any state mining company that will join the consortium must first undergo a due dilligence test.
It is still unclear which company will become Northstar's partner in the consortium.
Rumours have it that the state firms are wishing to join the consortium not merely to invest in BUMI but also to control or have exclusive rights over the company.
"I don't know that. The problem is not about investment because if they (PTBA) are willing to invest in BUMI they can buy its shares from the stock market," he said.
Neither did he know exactly the motive behind Northstar's wish to buy BUMI shares.
The price of BUMI shares fell to Rp1,300 at the Indonesia Stock Exchange (BEI) in the middle of this week.
Many have alleged that the government had intervened in BUMI shares trading at the BEI after the decision to suspend the trading was cancelled on Wednesday.
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