PLN says it received request from ministry to buy Inalum shares

The Jakarta Post, Jakarta | Mon, 02/21/2011 1:42 PM | Business

A director of state electricity company PT PLN says that the company has received instructions from the government to purchase a stake in aluminium producer PT Indonesia Asahan Aluminium (Inalum).

A contract signed in 1976 and due to end in 2013 gave a consortium of Japanese companies, Nippon Asahan Aluminium Co Ltd (NAA), a 58.8 percent stake in Inalum and the remainder to the Indonesian government.

Once the current contract with NAA expires, the government plans to take over Inalum, rather than renew its contract.

PLN received a letter from the Energy and Mineral Resources Ministry requesting that it acquire the stake, PLN business and risk management director Murtaqi Syamsuddin said Monday, as reported by kontan.co.id.

Previously, state mining company PT Aneka Tambang Tbk (ANTM) president director Alwin Syah Loebis had said his company was ready to purchase the stake.

However, ANTM’s company secretary Bimo Budi Satrio declined to comment on the option of a joint venture with PLN.

“We are still waiting for [orders from] government,” he said.

The government needs around US$700 million to purchase the NAA stake.

Man City striker Tevez withdraws transfer request

The Jakarta Post | Tue, 12/21/2010 8:17 AM | Sports

Manchester City striker Carlos Tevez withdrew his transfer request on Monday following "clear-the-air talks" that the club hopes will remove any instability as it chases the Premier League title.

City announced that Tevez's contract, which has 3 years to run, remains unchanged and that the Argentina international has "expressed his absolute commitment to the club."

Tevez retained the captaincy for Monday's game against Everton and received a warm reception from the home fans, but could not prevent his side slipping to a 2-1 loss that leaves City third, two points behind leader Manchester United.

The defeat soured the mood at Eastlands following the earlier news that Tevez, the club's top scorer and highest paid player, had had a dramatic change of heart.

Nine days previously, he rocked the club by demanding a move and claiming he had fallen out with Eastlands officials. Tevez's adviser also said the player was unhappy with the team's failure to qualify for the Champions League this season.

City, though, believed the transfer request - which it immediately refused to sanction - was motivated by Tevez's desire to secure a more lucrative contract with the club he joined in 2009 from Manchester United.

The standoff was reminiscent of Wayne Rooney's brief fallout with United in October, but unlike its fierce rival, City appears to have forced its star striker to back down without offering improved terms.

"Manchester City can confirm to its fans that 'clear the air' talks have been held with Carlos Tevez," the club said in a statement. "During the meeting Carlos expressed his absolute commitment to the club and formally withdrew his transfer request. Carlos' contract remains unchanged and both Carlos and the football club are keen to focus on the opportunities that lie ahead."

Tevez is seen as pivotal to City's hopes of winning the top flight title for the first time since 1968. His 10 league goals have put City on course for a top four finish and qualification for the Champions League.

"Carlos is a world class player whose contribution since he joined the club has been invaluable," City manager Roberto Mancini said. "I am pleased that we are now able to focus on pure football matters and to be able to look forward to Carlos continuing to play a significant role in the club's progress."

The statement contained no direct comment from the 26-year-old Tevez, and Mancini did not reveal what had prompted Tevez to change his mind.

"I think that it's not important," Mancini said "It's important that the situation was clear in this moment and everything went in a good way, that's important."