JAKARTA (Yosefardi) – State tin producer PT Timah Tbk (TINS) mulls to buy back its shares at Rp1,507 per share along with its plan to merge with its fully owned subsidiary PT Tambang Timah.
Timah would only allocate Rp500 billion at maximum for buying back its shares, unless the plan would be reviewed to be postponed.
This merger plan aims to comply with the mineral and coal mining regulation number 28, year 2009, ruled by minister of energy and mineral resources.
Timah will hold extraordinary general meeting (EGM) of shareholders in March 25, 2014 for seeking approval on the merger plan.
Both companies have similar core business, mining and tin production.