Bakrie Group could control Newmont

The Bakrie Group will likely take control of PT Newmont Nusa Tenggara as none of the state-owned enterprises are interested in buying their 7 percent shares under the divestment program.

The government has asked state-owned companies to make an offer to buy the US$271.6 million share by the end of March but none of them were interested, Minister of State-owned Enterprises Mustafa Abubakar said as reported by kontan.co.id on Monday

Bakrie Group’s PT Bumi Resources Mineral Tbk currently owns 24 percent of Newmont’s shares and now has a chance to buy another 7 percent.

Bumi is the holding company Multicapital, which, along with PT Daerah Maju Bersaing, established Multi Daerah Bersaing. Daerah Maju Bersaing is owned by the West Nusa Tenggara provincial government, Sumbawa regency administration, and West Sumbawa regency administrations.

Commissioner of Multi Daerah Bersaing, Heryadi Rachmat, said the company is ready to purchase the shares. This was confirmed by Bumi Finance Director of Yuanita Rohali, who said that the company would take control of Newmont if the central government did not buy the shares.

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