Antam, Pegadaian cooperating in gold bar trading
Tuesday, September 11 2012 - 10:37 AM WIB
PT Antam Tbk said that it had signed a memorandum of understanding (MoU) with PT. Pegadaian (Pegadaian) to cooperate in the trading of London Bullion Market Association (LBMA) certified gold bars.
The MoU was signed by Antam?s President Director Alwinsyah Lubis and Pegadaian?s President Director Suwhono. The signing ceremony, which was conducted on September 8, 2012, was also witnessed by the Secretary General at the Ministry of State Owned Enterprises, Wahyu Hidayat, in Bogor, West Java.
Based on the cooperation, Antam?s Precious Metals Processing & Refining Business Unit (UBPP LM) will supply the LBMA certified gold bars to be resold by Pegadaian?s numerous outlets across Indonesia based on daily market prices.
Antam?s President Director Alwinsyah Lubis said: ?Through this partnership, Antam is poised to increase gold sales and distribution throughout Indonesia. Pegadaian?s vast outlets all over Indonesia will ensure our products will reach areas still not covered by Antam.?
Pegadaian is one of Antam?s largest customer of gold. Starting in mid-2010 as Antam?s gold customer with a purchase of 147 kg of gold, sales to Pegadaian reached its peak in 2011 with approximately 1 ton of gold. Until mid-2012, Pegadaian has purchased approximately 1,2 tons of gold. The increase of gold bar purchases indicates the increasing public demand.
The cooperation also reflects the commitment of synergies among state-owned enterprises to increase the value of stakeholders.
Editing by Benget Besalicto Tnb.