Timah oversubscription

Timah oversubscription

JAKARTA (JP): The state-owned tin mining company PT Tambang
Timah reported a 300 percent oversubscription of its shares which
were offered at Rp 2,900 each or US$12.73 per Global Depository
Receipt (which is equivalent to 10 shares) to the public.

"The initial public offering of 175.6 million Tambang Timah
shares was closed Thursday and the company expects to generate Rp
510.8 billion ($224.2 million) from the share issuance," the
company said in a statement made available over the weekend.

The company will list 25 percent of its shares on the London
Stock Exchange and 10 percent on the Jakarta and the Surabaya
Stock Exchanges on Oct. 19.

After the share issuance, the company will be 65 percent owned
by the government and the remaining 35 percent by the public.

"The company will use the money from the share offering to
increase its production capacity and improve the quality of its
products, Bangka tin," said the chief executive of the company,
Erry Riyana Hardjapamekas. (kod)