PT Timah denies report that it will sell its subsidiaries
Thursday, June 24 2004 - 03:17 AM WIB
State owned tin mining company PT Timah has denied a report that it would sell three of its subsidiaries; PT Timah Industri, PT Timah Exksplomin and PT Timah Investasi Mineral, Investor Daily reported on Thursday.
"Who said that we would divest the three companies," said the company's corporate secretary Budi Saksono when asked to confirm about the report.
He said that although the contribution of the three companies to PT Timah's consolidated revenues was still relatively lower than those made by other subsidiaries such as PT Tambang Timah and PT Dok dan Perkapalan Air Kantung, they would not be divested.
Budi said that the management would instead improve their performance so that they could give higher contribution to PT Timah's total revenues in the future.
Until the end of 2003, the three subsidiaries still suffered financial losses. PT Timah Industry reported a loss of Rp429 million in 2003, Timah Eksplomin Rp14.4 billion and Timah Investasi Mineral Rp203 million. (*)