Jakarta, March 4, 2025 — PT TIMAH Tbk (“the Company”; IDX: TINS) has completed the buyback of all of PT TIMAH Tbk’s Medium Term Notes (MTN) I of 2022, amounting to Rp391.25 billion.
The MTN were issued by the Company on October 5, 2022, without a public offering, in the amount of Rp626 billion, with an idA (single A) rating from PEFINDO, a three-year tenor, and a coupon rate of 7.20% per year. On November 29, 2024, the Company had also carried out a partial buyback of the MTN amounting to Rp234.75 billion.
The Company carried out the buyback of all the MTN before their maturity on October 5, 2025, in line with the Company’s positive and steadily improving financial performance. Through September 2024, the Company booked revenue of Rp8.25 trillion, EBITDA of Rp2.08 trillion, and net profit of Rp908.81 billion.
Division Head Corporate Secretary of PT TIMAH Tbk, Rendi Kurniawan, said the MTN buyback is part of the company’s financial management strategy to optimize its capital structure and reduce interest expenses, thereby strengthening its business fundamentals amid the dynamics of the global mining industry.
“The Company has transferred funds totaling Rp395.87 billion, consisting of MTN principal of Rp391.25 billion and interest of Rp4.62 billion, to the account of the Indonesian Central Securities Depository (KSEI) on March 3, 2025. The funds for the MTN buyback come from the Company’s internal cash balance,” Rendi said.
Rendi noted that the MTN buyback is part of a sustainable financial management strategy that is expected to have a positive impact on the Company’s financial performance going forward, particularly with regard to interest savings and the health of the Company’s financial ratios.
“This effort to improve financial performance not only reflects solid financial performance, but also the Company’s commitment to maintaining integrity and accountability in every business decision taken. The Company thanks the shareholders who have placed their trust in the Company,” he said.
With the completion of this MTN buyback, the Company will continue to optimize its investment portfolio and pursue other business development opportunities. The Company is now focused on continuing the long-term strategic plan it has formulated and on prioritizing the implementation of good corporate governance.
About PT TIMAH Tbk
PT TIMAH Tbk, a subsidiary of Indonesian mining holding company MIND ID, is a leading tin producer and the largest tin exporter in the world, with tin mining and smelting operations in the provinces of Bangka Belitung, the Riau Islands, and Riau.
A Limited Liability Company since 1976 and listed on the Indonesia Stock Exchange since 1995, PT TIMAH Tbk runs a vertically integrated tin business spanning exploration, mining, smelting and refining, and marketing, serving international and domestic customers. Its refined tin products, under the brands “Banka Tin,” “Kundur Tin,” and “Mentok Tin,” hold an international reputation and are registered on the London Metal Exchange (LME).
A member of the International Tin Association (ITA), PT TIMAH Tbk currently has four main business lines: tin mining, tin downstream products (tin chemical and tin solder), non-tin mining (coal and nickel), and competency-based businesses including property, shipyards, and agribusiness.
