Oct 6, 2011

Bakrie seals approval to hold quasi

An investment parent company of Bumi Plc, PT Bakrie & Brothers Tbk, today has sealed an agreement from its shareholders in a bid to hold a quasi reorganization. The quasi, an accounting measurement, that is aimed to take out the company's deficit of Rp34.9 trillion. Bakrie & Brothers has obtained the approval today.
President Director Bobby Gafur Umar said the quasi will allow its shareholders to get dividend in the short term. "There is no disadvantage for any parties. The quasi will help company to reflect its fair value without burdening deficit," he said. 
The quasi will be held in three stages. First, the company will revaluate its assets, liabilities, and subsidiaries. Second, the measurement will reduce its paid in capital by decreasing its nominal price proportionally. Third, it will set off deficit capital with the deviation of assets and liabilities revaluation, and balance of capital paid in. 
Nominal price of A series share will be downgraded to Rp2,850 from Rp5,000, B series to Rp399 from Rp700, and C series to Rp104 from Rp200. 

Disclosure: No position at the stock mentioned above.

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