Receh.in - PT Timah Tbk (TINS) has increased its equity in its subsidiary, PT Timah Karya Persada Properti, with a capital injection of IDR 74.96 billion.
The nominal value represents the value of a 93,740 square meter land asset owned by the company, located in Mustikasari Village, Mustikajaya District, Bekasi City, West Java Province.
"This is in accordance with the valuation by the Public Valuation Office Felix Sutandar & Partners as stated in the report No. 01172/2.0072-00/PI/02/0129/1/X/2022 dated October 3, 2022," said TINS Company Secretary Abdullah Umar in his official statement on Thursday (12/22/2022).
Following this capital increase, TINS has acquired an additional 74,961 shares. As a result, TINS' total shares in PT Timah Karya Persada Properti become 280,625 shares, or 88.75% of all paid-in and subscribed shares.
According to TINS' financial report as of September 30, 2022, PT Timah Karya Persada Properti is a subsidiary engaged in the real estate industry.
The domestic company was established in 2014 and is directly affiliated with TINS. It is known that in addition to receiving margin profits and income from tin, TINS also generates income from real estate through its subsidiary.
By the third quarter of 2022, TINS' real estate segment revenue reached IDR 152.63 billion, an increase from the same period last year at IDR 89.05 billion.
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