Makindo changes core business<\/p>\n
JAKARTA (JP): Shareholders of publicly listed securities
\ncompany PT Makindo approved on Monday the management's proposal
\nto transform the company into a holding company which will focus
\non investment banking.<\/p>\n
The company said it would transfer its assets and liabilities
\nrelated to brokerage activities to a new securities company as
\npart of the change in its business orientation.<\/p>\n
\"Besides forming a securities company (a new subsidiary),
\nMakindo also plans to expand its business range by forming two
\nnew subsidiaries in the fields of direct investment and
\ninformation technology,\" said company president Gunawan Yusuf.<\/p>\n
Makindo will use its existing cash balance to finance the
\npaid-up capital of the new subsidiaries.<\/p>\n
\"Rp 25 billion will be allocated for the new securities
\ncompany and Rp 1 billion each for the two subsidiaries,\" he said
\nafter the company's annual and extraordinary shareholders
\nmeeting.<\/p>\n
The shareholders also approved a dividend distribution of Rp
\n20.89 per share for the 1999 financial year.<\/p>\n
In addition, they also agreed to distribute up to four million
\nwarrants to the company's employees as part of the employees'
\nstock option program. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/makindo-changes-core-business-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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