JAKARTA. PT Mining Industry Indonesia (Persero) or MIND ID, a state holding for mining companies, will become the major shareholder of PT Timah Tbk (TINS) after securing 65% of its shares, effectively replacing PT Indonesia Asahan Aluminium (Persero) or Inalum.

According to the information disclosure, on March 21, 2023, MIND ID reportedly purchased 4,841,053,951 units of TINS’s series B shares, which represent 65% of its entire issued and paid-up capital. Previously, MIND ID had no claim over TINS’s shares. Setting the stock price to IDR 1,828.57, MIND ID spent IDR 8.85 trillion on this acquisition.

“The Indonesian government has also invested in the company (TINS) through the equity participation by MIND ID,” Hendi Prio Santoso, President Director of MIND ID.

Now, the shareholders of TINS consist of the Indonesian government, which owns 1 unit of series A Dwiwarna (0.00%), the public of 2,606,699,502 shares or 35%, and MIND ID, which recently replaced Inalum as the controller, of 4,841,053,951 shares or 65%.

In 2022, TINS managed to score IDR 1.04 trillion of net profit, slightly declining from IDR 1.30 trillion seen in 2021. (AM/ZH)