Recently PT Sorik Mas Mining (SMM), Indonesian partner of Sihayo Gold Ltd, become a hot topic after its offices and camps were burnt down by protester. Well, this kind of incident is already common for all miners, let`s say Arc Exploration, Freeport, etc. What strange from them is on why their issues become a hot topic?
What about political issues? Fraction of Indonesian Democratic Party of Struggle (PDI-P) had voiced their words in supporting the protester. "I have no intention to provoke them, but those people shall not withdraw from their fight" PDI-P`s Treasurer Brilian Moktar commented today. He also urged the Law Courts of Mandailing Natal and North Sumatera to investigate the company.
Something interesting is the fight happened several days before the appointment of the new Regent of Mandailing Natal, Hidayat Batubara - Dahlan Hasan Nasution next 6 June, which came from Development Union Party (PPP) and Star Reformation Party (PBR). The gentlemen beat a number of famous people namely Zulfarmin Lubis (CFO PT Perkebunan Nusantara III), Irwan Daulay (Democrat Party), and Naharuddin Lubis (Head of Women Empowerment & Family Planning, Medan Chapter).
Hidayat takeover the seat from Amru Daulay of Golkar Party after bagging 72% vote, backed up with Justice Prosperous Party (PKS). Amru was known with his close relationship with Aburizal Bakrie. "Amru is my brother," Ical ever commented to beritasumut.com. Unfortunately, Golkar`s successor, Arsyad Lubis and Azwar Indra Nasution were only bagged 7% vote.
On the election process, Hidayat was alleged to had made material and immaterial loss to the country by Ir Amin Daulay, Head of Election Agency (Bappilu) from Golkar Party. Amin stated Hidayat-Dahlan had made money politic and educational status embezzlement. The case was brought to Constitutional Court and resulted to re-elect the voting process, which later Hidayat-Dahlan still won the election.
"With fierce relationship between PPP and Golkar, Hidayat has a hell of a job to settle the issue," one analyst commented.
Step aside the politics, what about Sihayo?
Sihayo's history in North Sumateran mine was back in 2004, when it's name was Oropa Ltd, acquired 100% ownership in Aberfoyle Pungkut Investments Pty Ltd, which later renamed into PT Sorik Mas Mining. Since then, the company had focused its business in the mine.
Sihayo shares today plummeted more than 17% to $0.14 in ASX due to the event. At the price, the company has market capitalization of $84.1 million, dropped significantly from $102.1 million in previous closing.
Though the price is 'junior', the interesting part lies on its shareholders. Under the shareholding composition, the company is majority owned by Summit Investments Pty Ltd, HSBC, Yaw Chee Siew, Lion Selection, and JP Morgan.
Summit Investments is closed with Saratoga Capital, owned by Sandiaga S Uno, as Paul Willis, the CEO of Sihayo, is a director in both companies. Lion Selection also closed with George Tahija, the controller of Arc Exploration, Pearl Energy, and Austindo Group. Yaw Chee Siew is the owner of SGX-Listed Otto Marine Ltd and #26 Richest Businessman in Singapore.
Backed with political issues and major players in the mine, the issue might be worth to follow. Keep watching|
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