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)