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NEWS UPDATES Asean Affairs  9 November 2010

Indonesia offers Inalum to investors

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The Indonesian government says it will invite investors to purchase a stake in state aluminum producer PT Inalum in 2013.

"We will first take over Inalum from Japan, and then we will offer it to investors. The investors will either be local or from overseas," Finance Minister Agus Martowardoyo said in Jakarta on Monday evening.

The government had decided to take over Inalum from Japan in 2013, he said.

Indonesia currently holds a 41.12 percent stake in Inalum, and Nippon Asahan Aluminum (NAA) Co. Ltd, a consortium of 12 Japanese companies, holds the remainder.

Inalum's assets are currently estimated to be worth more than US$2 billion.

The offer and bidding process would be fair and transparent, Agus said.

"We will allocate the budget we need [to purchase] Inalum. Although the company still has loans, it will later bring many benefits to Indonesia," he said, declining to comment on the budget needed.

The NAA stake has been valued at between $400 and $500 million.

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