Feb 2, 2011

META appoints two new executives

A new director and commissioner have been officially appointed by extraordinary of shareholders' general meeting of toll road operator PT Nusantara Infrastructure Tbk (META), following the acquisition deal by Rajawali Group. 
Managing Director of Rajawali Group Darjoto Setiawan has been mandated as a new commissioner in META as well as Corporate Director Bernardus Djonoputro.
META President Director M. Ramdani Basri said the appointment has been approved by EGM held today.
"During EGM, we scheduled the change of META management and a mandate for BoD to seek bank loan facility and other lenders," he said.
Adding to that, the loan is expected to underpin META for acquisition and development of infrastructure projects in next 5 years.
Group Rajawali, controlled by Indonesian tycoon Peter Sondakh, owns 23.6% shareholding in Nusantara Infrastructure after it acquired 3.2 billion shares from Infrastructure Growth Fund. Rajawali manages equity portfolios in several business sector such as infrastructure, retail, mining, agriculture, and hotel.  META-coded stock today advanced 1.72% to Rp295 per share, sending a market capitalization of Rp3.99 trillion.

Disclosure: No position at the stock mentioned above.

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