Bakrie group reschedules meeting<\/p>\n
Bakrie & Brothers, one of Indonesia's oldest publicly listed
\nholding companies, failed to gain approval for its planned rights
\nissue because a quorum was not met during its scheduled
\nextraordinary shareholders' meeting on Wednesday.<\/p>\n
Only 29.22 percent of the registered shareholders were
\nrepresented at the meeting, well short of the two-thirds quorum
\nneeded.<\/p>\n
\"We'll try to schedule another meeting for April 14,\" said
\ndirector and corporate secretary Juliandus Tobing, adding that
\nthe next meeting would only need one-third of shareholders in
\nattendance to be valid as specified in company regulations.<\/p>\n
Monday's closing share price of Bakrie & Brothers was Rp 210.<\/p>\n
The company is aiming to raise Rp 1.92 trillion from the
\nrights issue.<\/p>\n
Of the total proceeds, 62.27 percent will be used for debt-
\nrefinancing, 29.22 percent for expansion in Bakrie Telekom -- one
\nof the firm's 16 subsidiaries -- and the remainder for
\nstrengthening its working capital.<\/p>\n
Bakrie & Brothers focuses its investment on three divisions:
\ntelecommunications, infrastructure and plantations. A recent
\nfinancial statement reported a net loss of Rp. 266 billion last
\nyear as compared to a net income of Rp 22 billion in 2003. --
\nJP\/002<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bakrie-group-reschedules-meeting-1447893297",
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"sponsor": "Okusi Associates",
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