Pan Brothers' divestment

Pan Brothers' divestment

JAKARTA (JP): Publicly listed textile maker PT Pan Brothers
Tex, a Pan Brothers Group subsidiary, has won its shareholders'
approval to sell its shares in three other Pan Brothers Group
subsidiaries: PT Pancaplaza Indotextile, PT Charpan Buna and PT
Pancaprima Ekabrothers.

The company announced the divestment, worth Rp 8.2 billion
(US$3.53 million), was approved by shareholders in their
extraordinary meeting here yesterday.

The extraordinary meeting was held after the Capital Market
Supervisory Board threatened to fine the firm if it went ahead
with its divestment plan without the approval of its minority
shareholders.

The company's statement did not elaborate on the divestment
plan. But said the extraordinary meeting had also agreed to cut
the nominal price of the company's shares from Rp 1,000 to Rp
500. (bnt)