The Star reported that Malaysia Smelting Corporation Bhd is proposing to list its Indonesian unit involved in tin mining on Bursa Malaysia's Ace Market. The listing details of the company called TMR Limited was posted on the website of the Securities Commission since last Friday.

According to its draft prospectus, MSC will emerge as a substantial shareholder in the Bermuda incorporated TMR having a 14.23% stake.
Datuk Seri Dr Mohd Ajib Anuar

Mr Datuk Seri Md Ajib Anuar CEO of MSC has been appointed as non independent non executive director of TMR. Mr Ajib is a well known figure in the Malaysian tin industry currently serving as the chairman of Kuala Lumpur Tin Market, chairman of the Malaysian Tin Industry board as well as director of tin authority body ITRI Ltd and ITRI Innovation Limited UK. There appears to be a strong Malaysian line up in the board of directors of TMR.

Mr Datuk Seri Mohd Radzi Sheikh Ahmad former home minister has been appointed TMR independent non executive chairman. Mr Lim Jit Soon ED and CFO of StemLife Bhd has been appointed a non independent non executive director.

The other substantial shareholder is Singaporean businessman Mr Tan Siak Soon with 15.24% stake in the company after the listing. He has previous involvements in the property sector and mining business in Singapore and Indonesia.

The major shareholder is an Indonesian, Mr Eko Wijaya Parsito who will have an indirect stake of 31.81% stake in TMR after the listing. Mr Eko is the son of Mr Hendry Parsito who was previously the director of family run tin mining business Mr PT Sarana Marindo which is also a unit of TMR.

Mr Hendry has since relinquished all official positions in the company, but continues to share his experience with the company. Mr Hendry was appointed president commissioner of PT Tenaga Anugerah which is 99% subsidiary of TMR.

(Sourced from thestar.com)