ICDX drops plan to cooperate with Bangka Belitung firm

The Indonesia Commodity and Derivatives Exchange (ICDX) has canceled an earlier plan to cooperate with PT Bumi Bangka Belitung Sejahtera, which is owned by the Bangka Belitung provincial administration, in operating a tin customs warehouse.

Bisnis Indonesia quoted ICDX President Director Megain Widjaja as saying Thursday that the bourse was disappointed with the sudden change in the top leadership of PT Bumi when the two were about to sign the cooperation agreement.

Megain said ICDX has now decided to hand over the operation of the planned tin customs warehouse in Bangka Belitung to state-owned company PT Bhanda Ghara Reksa.

ICDX plans to set up a customs warehouse for tin in Bangka to facilitate transaction by smelters. (*)