Indobusiness - Financial Analyst and Founder Katadata Lin Che Wei considers that the government should be one voice in the fight for control of the remaining seven per cent stake in PT Newmont Nusa Tenggara.
Purchase of shares by state-owned enterprises (SOEs) is the most realistic option and provide optimal benefit to the interests of the state. "SOEs should be able to be the best option to complete the transaction of Newmont," Lin said in a press conference in Jakarta, Wednesday (17/07/2013).
Lin Che Wei added, as long as this government is different from the rest of the noise about the purchase of the shares of Newmont.
Previous Minister Hatta Rajasa wants local governments to prioritize the purchase of shares of Newmont. On the other hand, Finance Minister Chatib Basri said the central government was the right to buy shares of the mining company.
Lin believes that if local governments are going to take the rest of the Newmont divestment will certainly contrary to the existing rules.
Based on Government Regulation No. 24 of 2012 on amendments to the Government Regulation No. 23 of 2010 concerning the implementation of the mining operations, mineral and coal, requires that first priority is given to the Central Government, after the then Local Government, state / local enterprises and private national.
"But then Hatta corrected by transferring directly to the purchase of state-owned enterprises if the central government does not buy. Fact, local governments should be offered first," he added.
Still reflect on Government Regulation No. 24 of 2012, section 197, there are four parties who are entitled to receive bids on Newmont divestment, namely central government, local governments, state-owned or private enterprises and national.
"In the article it was mentioned that the order of priority in purchasing the right shows the stock. However, look at the existing conditions, the state is the most optimal choice," he added.
Lin thinks that the state is the most optimal option to complete the transaction Newmont is not constrained by the state because the decision of the Constitutional Court. So it does not require the approval of Parliament for not using state funds.
On the other hand, can indirectly represent the interests of the state. In addition, six state-owned consortium led by Danareksa has capacity sufficient funding for the purchase of shares (as of December 2012).
"The consortium of six state-owned company has a total profit of Rp 5.4 trillion, cash and cash equivalents of Rp 4.5 trillion," he added.
While if the local government (which still took the Bakrie group) will have a number of risks, among others, first, to provide funds to purchase stock, Newmont shares will likely return collateral, as was done prior to Credit Suisse First Boston (CSFB).
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