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IDX: Endowment to buy Freeport shares

SAYA KOMEN!!!

PT Freeport Indonesia mining area in Mimika Regency, Papua – Jubi / IST

Jayapura, Jubi – Head of Indonesia Stock Exchange (IDX) Jayapura Representative, Aditya Kresna Yokwa, said that the intention of Papua Province and Mimika Regency Government to buy PT Freeport Indonesia (PTFI) shares could use lasting funds.

“I suggest that the local government use the existing endowment fund, which is already prepared to absorb Freeport shares,” he said, in Jayapura, Saturday (9/23/2017).

If the endowment is not sufficient, he proposed the Papua Provincial Government and Mimika Regency could issue bonds.

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The local government can issue debt to the public that later money from the sale of bonds can buy shares in Freeport.

Aditya assessed that PTFI’s share purchase was not directly by the two local governments, but through Regional Owned Enterprises (BUMD).

If the local government wants to own part of Freeport’s shares, according to him, they have to go through those two processes (SOEs and BUMDs) as long as there is any remaining. This could be listing on BEI to be purchased by the public.

He also admitted that it cannot mention the exact figure about the value of PTFI shares. But he said that the number is quite large and reach trillions of rupiah.

“If we look from the evaluation, the price is quite high because of the latest info obtained from Freeport that it is assessing the stock valuation price per share, Freeport counts with reserves that have not been ‘explore’ or still stored in the womb of the earth,” said Aditya.

Regarding the request from both local governments for Jakarta to purchase PTFI shares and grant them to Papua government, he said that would be very difficult.

Therefore, he urged that from now on the local government immediately conduct fiscal calculations to be able to find the right solution to own PTFI shares. (*)

Source: Antara

Editor: Zely Ariane

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