Investors disappointed

Investors disappointed

From Bisnis Indonesia

I have made an investment by purchasing shares in PT Timah Tbk. As a holder of PT Timah stock, I have been disappointed at the statement by the president director of PT Timah that the company's performance has worsened and that the company could be liquidated next year.

As the president director of a national-scale mining company, he must show his fighting spirit instead of surrendering to despair in the face of the gloomy situation, which is also being experienced by other companies.

PT Timah is still earning profits and still has retained earnings up to the end of 2001. Some other public companies which have suffered losses for years and have no retained earnings, some even with negative capital, can maintain their operations.

The statement has caused a drastic fall in the price of PT Timah's shares and is detrimental to the investors holding them. If the PT Timah president director has no fighting spirit, he should resign his position and the government, as a major shareholder, should seek a reliable official to replace him.

The spirit of openness should not have a negative effect on the company. Why don't you strive for the eradication of illegal mining activities? I propose the formation of a strong team to make approaches to regional administrations in an effort to eliminate illegal mining.

Regional administrations can choose whether they support the eradication of illegal mining so they can collect income from the mining sector or let illegal miners continue their operations with a bigger part of the earnings received by corrupt officials. It is necessary to discuss with the central government the negative impact of illegal mining.

I also propose the formation of a small team to be entrusted with the diversification of PT Timah's activities so as to make its business more profitable and more promising in the future.

KOSIM

Jakarta