Is Freeport going IPO? Here is what The Director has to Say

11 May 2022

PT Freeport Indonesia already has several business plans for the coming years ahead, including flooring in the stock exchange trough an IPO. President Director of PT. Freeport Indonesia, Tony Wenas said that the plan to go IPO has always been in company’s plan, although it has not been realized to this day. Wenas said during the Talk to Titans show on CNBC Indonesia, Tuesday, May 10, 2022, “the talk for IPO had already crossed for the company, and we have to assest what are the downside and benefits for the company first, thus it is just only still a plan”.

Alpha Research Database researcher, Ferdy Hasiman previously said that if freeport were to go IPO, the ones who gets the most benefits are only big investors, adding to that only 0,6% Indonesian make up the Indonesian market players. Ferdy in his statement to CNBC Indonesia in Jakarta, Wednesday February 27, 2022, “The market is still dominated by foreign players, and if there were happen to be crisis, major capital outflows will occurr.”

Ferdy continued, if Freeport IPO were to happen, big market players and politician will flock onto it, which according to him, “similar case had already occurred in Garuda’s IPO, to which former treasury of Demokrat Party had bought 400 million shares or equivalent to Rp 300 billion”. “Garuda’s IPO is one of offering made by SOEs”. According to author of Freeport book: Bisnis Orang Kuat Vs Kedaulatan Negara Ini.

He assessed that the stock IPO was actually a good step to increase the participation of the Indonesian people in controlling Freeport's performance. The public is increasingly participating in the decision-making process at the General Meeting of Shareholders. The problem, said Ferdy, is that the public who hope to get a share of Freeport Indonesia's shares can bite their fingers, because they don't get a share.

 

http://www.cnbcindonesia.com/market/20220511103724-17-338049/freeport-bakal-ipo-simak-nih-bocoran-dari-bosnya

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