{"id":13712,"date":"2014-11-14T16:04:26","date_gmt":"2014-11-14T09:04:26","guid":{"rendered":"https:\/\/setkab.go.id\/?p=13712"},"modified":"2014-11-14T16:04:26","modified_gmt":"2014-11-14T09:04:26","slug":"before-october-2015-government-requires-freeport-to-divest-10-64-percent-of-its-shares","status":"publish","type":"post","link":"https:\/\/setkab.go.id\/en\/before-october-2015-government-requires-freeport-to-divest-10-64-percent-of-its-shares\/","title":{"rendered":"Before October 2015, Government Requires Freeport to Divest 10.64 Percent of Its Shares"},"content":{"rendered":"
\"Freeport\"

Before October 2015, Government Requires Freeport to Divest 10.64 Percent of Its Shares<\/p><\/div>\n

Government requires American mining company, PT Freeport Indonesia to complete divestment obligation of its foreign shares by 10.64 percent before 14th<\/sup> October 2014.<\/p>\n

Directorate General of Mineral and Coal of Ministry of ESDM\u00a0 Sukhyar said that the requirement was set forth \u00a0in Government Regulation (PP) Number 77 of 2014.<\/p>\n

\u0093In accordance with the regulation, Freeport should have divested of its shares to Indonesian shareholders by 20 percent,\u0094 Sukhyar said to reporters in Jakarta on Thursday (13\/11).<\/p>\n

Currently, 9.36 percent of Freeport shares owned by Indonesian shareholders through government, while 90.64 percent held by foreign shareholder i.e. Freeport McMoran. According to PP No. 77 of 2014, Freeport should have divested 10.64 percent of its shares by 14th<\/sup> October 2015 at the latest.<\/p>\n

As said by Sukhyar, in accordance with PP 77\/2104, Freeport should have divested of its shares by up to 30 percent in five years or before 14th<\/sup> October 2019. \u0093The requirement of divestment by 30 percent is set forth in the MOU of renegotiation of Freeport\u0092s work contract,\u0094 he explained.<\/p>\n

He added that his party would make regulation of Minister of ESDM regarding divestment\u0092s procedures in order to follow up the PP.<\/p>\n

\u0093Government through Ministry of Finance also needs to evaluate the divestment value,\u0094 Sukhyar said while added that the divestment value proposed to government should be bellow market price.<\/p>\n

PT Freeport Indonesia calculated that according to current market value, 10 percent of its shares was worth around US$ 2 billion or almost Rp 50 trillion.<\/p>\n

Not a pressure<\/b><\/p>\n

In the opportunity, Directorate General Mineral and Coal Sukhyar denied the assumption that the issuance of PP No. 77\/2014 which provided ease of divestment was to give pressure to foreign company including Freeport.<\/p>\n

\u0093The requirement of divestment was different as the investment scale is also different. If the investment big, surely it takes time for its return,\u0094 Sukhyar said.<\/p>\n

He explained that in accordance with PP 77\/2014, government decreased the amount of share divestment for foreign company running its business in underground and open pit mines like Freeport from 51 percent to only 30 percent.<\/p>\n

The Government Regulation (PP) which was signed by President Susilo Bambang Yudhyono on 14th<\/sup> October 2014 was revision of PP Number 24 of 2012.(*\/ANT\/ES)<\/b><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Government requires American mining company, PT Freeport Indonesia to complete divestment obligation of its foreign shares by 10.64 percent before 14th October 2014. Directorate General of Mineral and Coal of Ministry of ESDM\u00a0 Sukhyar said that the requirement was set forth \u00a0in Government Regulation (PP) Number 77 of 2014. \u0093In accordance with the regulation, Freeport […]<\/p>\n","protected":false},"author":30,"featured_media":13648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77],"tags":[],"class_list":["post-13712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nBefore October 2015, Government Requires Freeport to Divest 10.64 Percent of Its Shares - Sekretariat Kabinet Republik Indonesia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/setkab.go.id\/en\/before-october-2015-government-requires-freeport-to-divest-10-64-percent-of-its-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Before October 2015, Government Requires Freeport to Divest 10.64 Percent of Its Shares - Sekretariat Kabinet Republik Indonesia\" \/>\n<meta property=\"og:description\" content=\"Government requires American mining company, PT Freeport Indonesia to complete divestment obligation of its foreign shares by 10.64 percent before 14th October 2014. 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