Timah cancels coal mine acquisition plan
Thursday, March 10 2011 - 02:16 AM WIB
State tin mining company PT Timah Tbk has cancelled its plan to acquire a coal mine in South Sumatra because the condition of the coal mine did not meet the company?s requirements.
?The decision to cancel the acquisition plan was taken following a due diligence audit conducted on the mine recently,? the company?s corporate secretary Abrun Abubakar said, adding that the company was still looking for other acquisition targets in Central and East Kalimantan.
One of the acquisition targets is PT Sarana Karya. ?We hope the acquisition of Sarana Karya could be decided in the first semester of this year. But we have to first consult with the State Enterprise Ministry before making any decision,? he added.
The company expects to book a net profit of Rp 1 trillion this year, an increase of 24.6 percent from Rp 802.4 billion last year. (*)