Nalinkant Amratlal Rathod, President Director of PT Bakrie & Brothers Tbk (BNBR), has been officially replaced by Bobby Gafur S. Umar today. Following the replacement, Bakrie's Director Ari Saptari Hudaya and Dileep Srivastava have been replaced as well.
Eddy Soeparno, former banker of Merrill Lynch and ABN Amro Bank, is now mandated as Bakrie's Director as well as Director Dody Taufiq Wijaya and Director Siddharta Moersjid.
Eddy said Bakrie & Brothers plans to prepare US$500 million of capital expenditure for business expansion. The company also delays US$250 million of bond issuance from the first quarter 2010 to the last quarter. "We still need fund for capital expenditure and debt refinancing from bond issuance," Eddy said.
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