The BUMN mining holding, PT Mineral Industri Indonesia (Persero) or MIND ID, recently injected capital into PT Timah (Persero) Tbk (TINS) through a share investment. Based on the disclosure of information on the Indonesia Stock Exchange (IDX), the share investment transaction by MIND ID in TINS took place on March 21, 2023. MIND ID bought 4,841,053,951 Series B shares of the tin producer previously owned by PT Indonesia Asahan Aluminum (Persero) at a price of Rp 1,828.57 per share. Thus, the transaction value of the investment in shares by MIND ID reached IDR 8.85 trillion.
The composition of TINS shareholders has also changed. Prior to March 21, 2023, 65% of TINS shares or the equivalent of 4.84 million shares were held by Inalum while the remaining 35% or the equivalent of 2.61 million shares were held by the community or the public. After March 21, 2023, MIND ID officially controls 65% of TINS shares, while the rest is still owned by the public. "The Government of the Republic of Indonesia has included capital in the form of equity participation in PT Mineral Industri Indonesia, a State-Owned Enterprise whose aim is to function as a strategic holding company for mining-related businesses," wrote MIND ID Main Director Hendi Prio Santoso. in the disclosure of information, Tuesday (28/3).
In previous news, MIND ID is undergoing a transformation and splitting off after previously being named Inalum. Since 2017, MIND ID has carried out two corporate functions, namely as a holding and aluminum smelting operation. With this transformation, MIND ID will focus more on strategic holding companies. In this case, MIND ID focuses on increasing the effectiveness of strategic activities and focuses on efficiency and increasing added value between holding members, managing risk management, supervising the operational activities of holding members, and so on. Meanwhile, TINS as a member of MIND ID experienced a 14.29% year on year (YoY) revenue decline to IDR 12.5 trillion in 2022. TINS's net profit also eroded 20% YoY to IDR 1.04 trillion.
Source: https://industri.kontan.co.id/news/mind-id-tambah-modal-untuk-timah-tins-sebanyak-rp-885-triliun
