The Regional Government of West Nusa Tenggara (NTB) asks PT Multi Capital Industries-a subsidiary of PT Bakrie Capital Industries-to be committed to providing US$391 million to acquire a 10% stake in PT Newmont Nusa Tenggara (NNT).
On the other hand, following the tight deadline for the completion of the divestiture, PT Danareksa Securities, a subsidiary of PT Danareksa, is ready to finance publicly listed PT Aneka Tambang (Antam) to acquire a 14% stake in NNT belonging to the central government.
On the other hand, following the tight deadline for the completion of the divestiture, PT Danareksa Securities, a subsidiary of PT Danareksa, is ready to finance publicly listed PT Aneka Tambang (Antam) to acquire a 14% stake in NNT belonging to the central government.
PT Multi Daerah Bersaing (MDB)-a joint venture between NTB-owned enterprise PT Daerah Maju Bersaing and PT Multi Capital Industries-revealed the regional government was now waiting for the realization of commitment from Multi Capital after Newmont fixes the price for the 10% stake.
The negotiation over the completion of the divestiture of Newmont has been running intensive in the past few years. On Friday (October 30), the government and Newmont meet. One of the materials discussed was the request to discount the price to US$352.6 million. At the time, the company didn't respond to the request.
The request was just responded on November 3, when the shareholders of Newmont-Newmont Indonesia Limited (NIL) and Nusa Tenggara Mining Corp (Sumitomo) sent Letter 109/AB-NIL/XI/2009 dated November 3 to Director General of Mineral, Coal, and Geothermal Bambang Setiawan. The letter was signed by Director of NIL Alan R. Blank and President of Nusa Tenggara Mining Corp. Yuji Morita.
The letter discusses five points related to the divestiture of NNT-the share sale agreement with MDB. In general, the letter reads that Newmont will fix the price for the 10% stake in NNT at US$391 million, which is based on the arbitrage injunction.
The request was just responded on November 3, when the shareholders of Newmont-Newmont Indonesia Limited (NIL) and Nusa Tenggara Mining Corp (Sumitomo) sent Letter 109/AB-NIL/XI/2009 dated November 3 to Director General of Mineral, Coal, and Geothermal Bambang Setiawan. The letter was signed by Director of NIL Alan R. Blank and President of Nusa Tenggara Mining Corp. Yuji Morita.
The letter discusses five points related to the divestiture of NNT-the share sale agreement with MDB. In general, the letter reads that Newmont will fix the price for the 10% stake in NNT at US$391 million, which is based on the arbitrage injunction.
Newmont asked the Regional Government of West Nusa Tenggara and partner Bakrie group to provide bank statement from a credible bank informing that a US$391 million fund was indeed available
The government held a coordination meeting on the divestiture on Tuesday (November 3), which was chaired by Coordinating Minister for Economic Affairs Hatta Rajasa.
At the time, as Hatta told the press, the meeting decided that Antam and the Regional Government were representatives of the central government, with Antam serving as the leader, to acquire Newmont shares.
The government held a coordination meeting on the divestiture on Tuesday (November 3), which was chaired by Coordinating Minister for Economic Affairs Hatta Rajasa.
At the time, as Hatta told the press, the meeting decided that Antam and the Regional Government were representatives of the central government, with Antam serving as the leader, to acquire Newmont shares.
I tried to ask for confirmation from Chief Financial Officer of Bakrie Capital Industries Akhabani, he didn't answer his cell phone.
The logical consequence of the Regional Government of NTB and partner failing to complete the acquisition is that their rights will be returned to the central government based on the working contract.
The logical consequence of the Regional Government of NTB and partner failing to complete the acquisition is that their rights will be returned to the central government based on the working contract.
The acquisition of a 10% stake and a 14% stake in Newmont requires a total fund of US$883.8 million.
PT Danareksa Sekuritas is touted to offer to the government to provide Antam with necessary financing to acquire a 14% stake in Newmont. The offer was made since Antam and the Government Investment Center (PIP) had no sufficient funds to acquire a 14% stake in NNT at US$493.6 million.
PT Danareksa Sekuritas is touted to offer to the government to provide Antam with necessary financing to acquire a 14% stake in Newmont. The offer was made since Antam and the Government Investment Center (PIP) had no sufficient funds to acquire a 14% stake in NNT at US$493.6 million.
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