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TINS cancels its buyback plan

17 June 2020 14:26

JAKARTA. PT Timah Tbk (TINS), a mining company owned by the Indonesian government through PT Inalum (Persero), canceled its plan to buyback Rp 100 billion of shares this June, due to cash flow pressures and for business efficiency.

Wibisono, Finance Director of TINS, claimed that the cancellation of the buyback was caused by the COVID-19 pandemic. "That has an impact on the business world," said Wibisono through information disclosure on the Indonesia Stock Exchange (IDX) on Wednesday (17/6).

In May 2020, TINS ​​management stated that COVID-19 did not have an impact on the operations of the company and its subsidiaries. However, the company's management claimed to be doing some efforts to increase efficiency in all business lines.

Previously, Pemeringkat Efek Indonesia (Pefindo) had downgraded its outlook for TINS to negative, because its financial performance was below expectations. "As a result of lower EBITDA margins and increasing debt," explained Gifar Indra Sakti and Samgar Effember, Analysts of Pefindo in its official report on 12 June.

In 2019, TINS ​​posted a loss of Rp 611.3 billion, while in the previous year, it was still able to record a profit of Rp 132.3 billion. (KR/AR)

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