REPUBLIKA.CO.ID, JAKARTA -- Government decided not to extend the master agreement with Japanese investors related to PT Indonesia Asahan Aluminium (Inalum) ownership, which ended last October 31, 2013. Asahan Aluminum project is a comprehensive development project for power plants and an aluminum smelter.
On December 19,2013, government has signed a transfer of 58.88 percent shares of Inalum, from Nippon Aluminium Co Ltd to Indonesian government with Indonesia paying 556.7 million USD to Japan. It made Indonesian government controlling 100 percent of the aluminum mining company.
President Susilo Bambang Yudhoyono has signed a new regulation No. 26/2014 on April 21, 2014. Inalum now becomes a state owned company with the new name, PT Indonesia Asahan Aluminium (Persero).
"With the share transfer, Indonesian government ownership increased from 41.12 percent to 100 percent," Yudhoyono said as written at Article 1 Paragraph 2 of the regulation, as reported by Esthi Maharani.
Based on regulation, government provided compensation with state budget funds 2012 and 2013. The amount will be determined by Minister of Finance. It was a milestone in the history of the country’s resources industry. Government officially took over Southeast Asia’s only aluminum smelter through the deal.
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