Timah's subsidiary eyes listing on Kuala Lumpur exchange
Monday, November 3 2003 - 03:42 AM WIB
The Singaporean subsidiary of PT Timah, Plimsoll Corporation Pte. will be listed on the Kuala Lumpur Stock Exchange (KLSE) if a Malaysian company meets its commitment to acquire the majority of the company's shares.
The president of PT Timah, Thibrani Alwai, said in Jakarta over the weekend that the Malaysian company had formally expressed its interest to buy some part of the Singaporean company's assets.
"We are still negotiating the sale of Plimsoll's shares to the Malaysian investor. If this investor agrees to take over some part of Plimsoll's shares, the company will sell its shares to the public next year through the Kuala Lumpur Stock Exchange," he said.
Plimsoll, which sells machinery and parts for dredging ships, is one of several subsidiaries that would be divested by PT Timah as part of its major consolidation measures. PT Timah has a 37.5 percent stake in Plimsoll. (*)