PT Timah will revalue all assets for divestment

State owned tin mining company PT Timah will revalue all of its stake in affiliated companies as part of the company?s massive divestment program, Bisnis Indonesia reported on Friday.

A director of the ailing company, Maryati Nirwandi, said that in the first stage the company would revalue its 25 percent stake in Koba Tin, then its stake in PT Kutararaja Tembaga Raya, Plimsoll Corp. Pte. Ltd and PT Asuransi Jiwa Tugu Mandiri.

?We hope the revaluation could be completed in February next month,? she was quoted as saying by the business daily.

At present PT Timah has 25 percent stake in Koba Tin, 42.25 percent in Kutaraja, 37.5 percent in Plimsoll and 20 percent in Asuransi Jiwa Tugu Mandiri. According to PT Timah?s financial report, the value of the company?s assets in Koba Tin reached Rp 75.56 billion as of September, 2001, Rp 59.8 billion in Plimsoll, Rp 39.39 billion in Kutaraja and Rp 5.45 billion in Asuransi Jiwa Tugu Mandiri.

PT Timah, which suffered major deficit due to falling tin prices in the last two years, will divest all of the stake in these companies to enable to rescue it from collapsing. (*)