Bakrie raises capital

JAKARTA (JP): An extraordinary meeting of shareholders from listed PT Bakrie & Brothers approved yesterday the company's plan to more than double its authorized capital to Rp 3.87 trillion (US$1.33 billion) from 1.5 trillion.

However, the paid up capital remained at Rp 968 billion.

The firm's president, Tanrie Abeng, said yesterday that the rise in authorized capital was aimed at anticipating and accommodating the company's future expansion plan.

Tanrie also denied rumors yesterday that he wanted to resign from Bakrie & Brothers.

"Just take a look ... I have never been absent for even one day from Bakrie & Brothers," he said.

Tanrie said the rumors were groundless and he was still committed to the company. (aly)