Timah expects regulation on planned holding company this quarter
Saturday, August 6 2016 - 04:04 AM WIB
President Director of state-controlled tin giant PT Timah Tbk, Riza Pahlevi, expects the government regulation that would act as legal umbrella to set up a holding company for state-controlled mining firms could be finalized in the third quarter of this year.
Riza said to petromindo.com on Thursday that the draft of the government regulation is currently with the Ministry of Finance for further review. Once this process has been completed, it would be handed to the State Secretary for final approval by President Joko Widodo.
?Hopefully, it would be completed in the third quarter,? he said.
State Minister of State-Owned Enterprises Rini Soemarno officially unveiled early this year the planned holding company following signing of agreement among state-controlled mining firms to form synergies in various areas. The firms include IDX-listed miner PT Aneka Tambang Tbk, IDX-listed coal miner PT Bukit Asam Tbk, IDX-listed tin mining firm PT Timah Tbk, and IDX-listed aluminum producer PT Indonesia Asahan Aluminium Tbk.
Riza said that the planned holding company is a positive policy as it would help improve efficiency, expand funding capacity as well as create new business opportunities. He said that his company and other participating firms have started internal campaign about the planned holding company.
Arviyan Arifin, President Director of PT Bukit Asam Tbk, also welcomes the planned holding company for mining firms, saying that it would help bolster the firms? capacity in expanding reserves and resources.
Editing by Reiner Simanjuntak