Timah to sell 25 percent stake in Koba Tin
Monday, January 21 2002 - 02:45 AM WIB
The state-owned tin mining company PT Timah will sell its entire 25 percent stake in tin mining firm PT Koba Tin in a bid to raise cash to help improve its cash flow, according to company president Erry Riyana Hardjapamekas.
Erry was quoted by the Tempo daily as saying that the planned asset sale would be implemented via an open tender, adding that Malaysia Smelting Corp, which owns 75 percent of Koba Tin, had expressed interest to purchase the remaining 25 percent stake.
He said that Timah would also sell shares in three other companies including in PT Kutaraja Tembaga Ray (41.87%), Plimsoll Corporation Pte. Ltd. (37.5%), and PT Asuransi Jiwa Tugu Mandiri (20%).
Tempo said that Timah was seeking some Rp 50 billion from the asset sale to help improve cash flow hardly hit by the current plunge in international tin prices.
The paper said that the asset sale was expected to be completed in the early period of this year.(*)