Freeport-McMoRan Inc. (NYSE:FCX) hopes to sell a 10.64% stake in its Indonesian subsidiary through an initial public offering ('IPO), its incoming chief executive said on November 23, 2016. PT Freeport Indonesia is required by the Indonesian government to divest the stake and "the two sides see that going to the stock exchange is the best option," the incoming Chief Executive Officer, Chappy Hakim told reporters. It is unclear if the Indonesian government will buy the stake when it goes on sale.