CITA shifts from furniture to mining business
Thursday, May 3 2007 - 01:35 AM WIB
JSX-listed furniture producer PT Cipta Panel Utama (CITA) Tbk has decided to change its core business from furniture to mining and renamed itself into PT Gita Mineral Tbk, Kontan Daily reported.
The company's shareholders agreed upon the move during a extraordinary shareholders meeting on Wednesday.
CITA’s Corporate Secretary Yusak Lumba Pardede said that the company already had a mining subsidiary, PT Harta Prima Abadi Mineral, which was involved in bauxite business. CITA bought a 75% stake in firm on December 23,2005.
The company set the target of bauxite production at five million tons per annum and expected to earn Rp 406.37 billion in sales and a net profit of Rp 58.32 billion this year. (*)