Inco holds dividend payment

JAKARTA (JP): Nickel producer PT International Nickel Indonesia, a subsidiary of the Toronto-based Inco Ltd. said Tuesday it has deferred payment of the 1998 interim dividend.

The company said in a statement on Tuesday that the decision was taken due to the continuing low level of nickel prices and the adverse impact of the weather phenomenon "El Nino" on its hydro-electric generating facilities.

In addition, it said, the "continuing substantial capital spending currently being undertaken by the company on its expansion project" also contributed to the decision.

It said the interim dividend payment will be discussed at its annual general meeting in April 1999 when it decides on the final dividend. (jsk)