Timah to pay 2000 dividend next year<\/p>\n
Moch. N. Kurniawan, The Jakarta Post, Jakarta<\/p>\n
Publicly listed tin mining firm PT Timah Tbk. announced on
\nThursday it had decided to delay the payment of the remaining
\ndividend for 2000 totaling Rp 59.85 billion (US$5.98 million)
\nuntil next year.<\/p>\n
Timah newly-installed president Thobrani Alwi said the company
\nwould pay the dividend in two tranches, in June 2003 and in May
\n2004.<\/p>\n
\"We have received approval from the government about this
\ndecision,\" he told a press conference after a shareholders annual
\ngeneral meeting and the extraordinary shareholders general
\nmeeting.<\/p>\n
He added the company would announce further details about the
\ndividend policy in the coming days.<\/p>\n
Timah, the world's second largest tin producer, has proposed
\nto its shareholders to allow the state-owned company not to
\ndistribute the dividend to avoid bankruptcy amid business
\ndifficulties.<\/p>\n
But the government, who controls the majority of Timah's
\nshare, had earlier rejected the proposal and asked the company to
\npay the dividend.<\/p>\n
The government argued that despite the current business
\ndownturn, Timah still enjoyed a net profit of Rp 331.5 billion in
\n2000.<\/p>\n
Elsewhere, Thobrani said that the company would pay 2001
\ndividend amounting to Rp 12.5 billion.<\/p>\n
\"We will pay it in June this year,\" said Thobrani.<\/p>\n
Timah's net profit stood at Rp 32.3 billion last year, a
\ndrastic drop from the previous year.<\/p>\n
Timah has blamed the fall in net profit to widespread illegal
\nmining output in the country which sparked oversupply in the
\nworld tin stock.<\/p>\n
The company has asked the government to curb the illegal tin
\nmining since last year to help reduce tin supply in the world
\nmarket.<\/p>\n
For this year, Timah has said its profit outlook would remain
\ngloomy year as the oversupply problem in the world tin market
\nwould likely to continue due to current global economic slowdown.<\/p>\n
It forecast tin price to stay low at about US$4,000 per ton,
\nalmost similar to last year's average price of $4,408, but still
\nfar below 2000 tin price of $5,520.<\/p>\n
Timah expected to produce about 30,000 tons of tin metal this
\nyear.<\/p>\n
Timah's exports to Asia account for 46 percent of the
\ncompany's total sales. A total of 39 percent goes to Europe, and
\na further 10 percent to the U.S. The remaining five percent is
\nsold locally.<\/p>\n
The Thursday shareholders meeting approved a change in
\nTimah's board of directors and commissioners.<\/p>\n
Thobrani, who was previously director for exploration and
\noperation, was named as the new president replacing Erry Riyana
\nHardjapamekas.<\/p>\n
The meeting also named three new directors.<\/p>\n
Wahid Usman, former manager for planning and operation
\ncontrol, is promoted to hold the position of finance director,
\nreplacing Ali Darwin who has retired.<\/p>\n
Surawardi is appointed as the director of human resources and
\ndevelopment, filling the post of Ari Fauzi, who was named as the
\nnew director for exploration and operation.<\/p>\n
Meanwhile, Wimpy S. Tjetjep, the director general for geology
\nand mineral resources, has been appointed as chairman of the
\nboard of commissioners.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/timah-to-pay-2000-dividend-next-year-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}