Bakrie consolidation

JAKARTA (JP): Shareholders of publicly-listed PT Bakrie Finance Corporation agreed yesterday to the company's plan to acquire PT Bakrie Capitanindo Corporation's 15 percent stake in the company worth Rp 2.25 billion (US$988,000).

The company said in a statement that yesterday's shareholders meeting also agreed to the company's plan to issue 118.79 million rights shares with a par value of Rp 1,000.

It said the rights shares will be offered at Rp 1,600 each.

At yesterday's meeting, the company's president, Mustafa I. Jatim, reported that the company plans to form a securities firm jointly with Solomon Brothers, which will take a 60 percent stake in the venture company. (rid)