Jakarta, March 4, 2025 - PT TIMAH Tbk (the “Company”; IDX: TINS) has completed the buyback of all Medium Term Notes (MTN) I PT TIMAH Tbk Year 2022 amounting to Rp391.25 billion.
This MTN was issued by the Company on October 5, 2022 without a public offering of Rp626 billion with an idA (single A) rating from PEFINDO, a 3-year tenor, and a coupon rate of 7.20% per year. On November 29, 2024, the Company also bought back part of the MTN amounting to Rp234.75 billion.
The Company bought back all MTNs before maturity on October 5, 2025 in line with the Company's positive and improving financial performance. As of September 2024, the Company managed to record revenue of IDR 8.25 trillion, EBITDA of IDR 2.08 trillion, and net profit of IDR 908.81 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 the capital structure and reduce interest expenses, thereby strengthening business fundamentals amid the dynamics of the global mining industry.
“The company has transferred funds amounting to IDR 395.87 billion consisting of MTN principal of IDR 391.25 billion and interest of IDR 4.62 billion to the Indonesian Central Securities Depository (KSEI) account on March 3, 2025. The MTN buyback funds come from the Company's internal cash balance,” said Rendi.
Rendi said that the MTN Buyback is part of a sustainable financial management strategy which is expected to have a positive impact on the Company's financial performance going forward, especially regarding 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 would like to thank the shareholders who have given their trust to 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 that has been formulated and prioritizing the implementation of good corporate governance. (*)
