JAKARTA (Yosefardi) – State tin producer plans to merge its subsidiary PT Timah Investasi Minerals TIM), engaging in coal mining and trading, with PT Timah Eksplomin (TE), engaging in nickel mining. TIM would be surviving entity.
It has authorized capital of Rp170 billion while TE has authorized capital of Rp200 billion. TIM booked net loss of Rp15.3 billion in first nine months of 2014 on revenues of Rp27.7 billion. While TE suffered loss of Rp6.8 billion.
TINS plans to enter into property business by late this year or early next year, as it will develop mixed use in Bekasi, West Java with investment cost of Rp1 trillion.
It, through new subsidiary PT Timah Property, will build housing, apartment, offices, and commercial area. TINS will develop residential and commercial area in Bandung and develop mining tourism area and gold area in Banka Belitung.