Govt wants director to take over PT Timah?s top post

The government said on Wednesday it wants one of PT Timah Tbk?s directors to take over from Erry Riyana Harjapamekas as company president director.

State Minister of State Enterprises Laksamana Sukardi said giving the top post to a senior executive of the ailing firm is meant to maintain the continuity of its operation.

The executives nominated by the government for the president director position are Ari Fauzi and Maryat Nirwandi who are respectively in charge of PT Timah?s human development affairs and corporate affairs, Laksamana told reporters before a meeting with a House commission.

?But the decision of General Shareholders Meeting will be the most decisive to their appointment,? Laksamana said, adding that PT Timah?s top management board will be thoroughly reshuffled.

PT Timah will on Thursday hold its extraordinary general shareholders meeting in which shareholders will decide on a rescue plan for avoiding the company from bankruptcy, and appoint Erry?s successor.

PT Timah, the world?s largest fully integrated tin producer, is suffering an acute financial problem due to the steep downfall in tin prices on the world market.

The company announced recently its net profit had in 2001 dropped by 89 percent to Rp 36.78 billion (US$3.61 million).

Listed on the Jakarta, Surabaya, and London stock exchanges on Oct. 19, 1995, today PT Timah is 65 percent owned by the Indonesian government. (Leo)