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Minister Suggests Inalum Goes Public

7 March 2014 10:28 WIB

TEMPO.CO, Jakarta - Industry Minister Mohamad Suleman Hidayat proposed for Indonesia Asahan Aluminum (Inalum) to hold an initial public offering (IPO) to obtain fresh funds. Inalum needs about Rp8 trillion (approx. US$700 million) to increase the company’s production capacity from 225,000 tons to 400,000 tons.

Inalum, recently taken over by the government from Japanese investors, plans to raise its production capacity once it officially becomes a state-owned enterprise (SOE).

Currently, according to Hidayat, the government is finalizing Inalum's legal status to become an SOE. The change of Inalum status to a public company will be proposed thereafter.

This suggestion to go public is estimated to attract market participants, under the condition that Inalum's management and the government can show good performance, said market analysts from, Reza Priyambada.

So far, Inalum's production of aluminum ingots is going well. In addition, the company has great sales prospect, which will attract market participants to buy its shares. "Especially after Inalum becomes a state-owned enterprise; [ensuring] that the management will not escape," Reza said on Thursday, March 6.

Reza however warned that the long process it took to takeover Inalum from the Japanese may serve as a negative sentiment for market participants.

Coordinating Minister for the Economy, Hatta Rajasa, said Inalum's formation as an SOE is awaiting the government regulation that will be signed by President Susilo Bambang Yudhoyono. Other issues that need to be resolved include land management and cost-sharing problems of electric facilities.

According to Hidayat, the process of turning Inalum into an SOE as well as the company's first initial shareholders meeting as a state company can be done before Yudhoyono's administration ends. However, it is unlikely for the company's divestment and IPO to take place this year.

ANGGA SUKMA WIJAYA | AYU PRIMA SANDI



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