IKI Kabel changes status

JAKARTA (JP): The publicly listed PT IKI Indah Kabel Indonesia has formally changed its status from a wholly domestic firm to its new classification as a foreign joint venture, following the entry of Japan's Sumitomo Electric Industries into the company's ownership.

The change in the status was approved by the company's shareholders in an extra-ordinary meeting here yesterday, the company announced.

Sumitomo agreed in April to buy around 41 percent of IKI Kabel shares from old shareholders. PT Perdana Mulia Ekasakti, also at the same time, bought another 10 percent.

The private placement changed the composition of the company's ownership to 41 percent by Sumitomo, 10 percent by Perdana Mulia, 16.57 percent by Fantini Loekito, 5.22 percent by Kohar Suwandi, 0.92 percent by Bob Wirajendi and 26.29 by the public.

The shareholders' meeting also agreed to appoint Kenji Murata of Sumitomo as IKI Kabel's new president. (hen)