Timah's president to be replaced: Govt

JAKARTA: The government plans to replace the president of publicly listed tin mining company PT Timah Erry Riyana Hardjapamekas to help improve the ailing company's performance, State Minister of State Enterprises Laksamana Sukardi said on Wednesday.

Laksamana said Erry would be replaced by one of the company's current directors, but he refused to comment on rumors that either current director for human resources management Ari Fauzi or director for corporate management Maryat Nirwandi was up for the posting.

He also said the government would also reduce the size of the board of management, which has five directors.

Timah will hold its shareholders' annual general meeting on Thursday.

Timah's net profit declined to Rp 36.78 billion (US$3.6 million) last year from Rp 331.6 billion in 2000.

Timah has blamed the fall in its profit to widespread tin mining output in the country, which sparked an oversupply in the world's tin stock.-JP