PT Timah names consultant for Rukindo acquisition

State owned tin mining company PT Timah has named an independent consultant to help the company assess the viability of the company's plan to take over dredging company PT Pengerukan Indonesia (Rukindo), Koran Tempo reported on Wednesday.

"The appointment of the consultant was made last week and it would soon carry out a due diligence audit on Rukindo," the company's president Thobrani Alwi said during a hearing with members of the House of Representatives (DPR). He, however, did not unveil the name of the consultant.

According to the schedule, the due diligence audit should be completed in a month.

Thobrani said that Rukindo, the only dredging company in the country, would strengthen the company's tin mining activities in its offshore tin concession areas. In addition, the company would be also operated as PT Timah's profit center to take the advantage of the growing dredging business in the country. (*)