Timah mulls merging two units
Monday, March 11 2002 - 01:55 AM WIB
The state-owned tin mining company PT Timah Tbk is mulling to merge two units PT Timah Investasi Mineral and PT Timah Eksplomin as part of restructuring measures to avoid the company from bankruptcy.
The Koran Tempo daily quoted Timah president Erry Riyana Hardjapamekas as saying that the newly merged company would focus its business outside the tin mining area.
He added that the new company could form a new joint venture.
Erry said that the restructuring plan would be unveiled at the company?s shareholders meeting on March 14.
He said that the restructuring measure was expected to turn Timah to become more efficient.
Timah?s performance plunged to its lowest level last year amid declining price of the tin commodity.(*)