Timah to sell stakes in subsidiaries excluding Koba Tin H2
Monday, March 25 2002 - 12:22 AM WIB
Ailing state tin miner PT Timah Tbk will try to sell its stake at PT Kutaraja Tembaga Raya, which explores for gold in the troubled province of Aceh, at Singapore based engineering company Plimsoll Corporation Pte. Ltd and at insurance company to raise cash, Bisnis Indonesia daily quoted a company official as saying recently.
Timah has 42 percent stake at Kutaraja Tembaga Raya and 37.5 percent at Plimsoll.
Wachid Usman, Timah's financial director said the proceed from the sale would be used to finance the company?s operations and restructuring programs.
Wachid said Timah had decided to retain its 25 percent stake at Bangka based tin mining firm PT Koba Tin because Koba Tins's business is in line with Timah and retaining stakes at the company would give long term benefit for Timah.
Malaysian Smelting Corp. has 75 percent stake at PT Koba Tin (*)