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)