Stellar figure Samin Tan has officially retreated from his position as president director at coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN).
An extraordinary general meeting (EGM) on last Friday mandated Alexander Ramlie as president director, replacing his predecessor Samin Tan.
Independent Director Geroad Jusuf, a younger brother of prominent figure in the capital market and banking industru, Glenn Jusuf, has resigned from his current position as well.
The EGM approved Borneo's proposed takeover on 23.8% stake in London-based firm Bumi Plc worth US$1 billion. Some said the takeover is expansive.
"Mr Samin has his own plan after the takeover, hence i was mandated to replace his position. Geroad Jusuf has been replaced by a new director," Alexander Ramlie said.
Disclosure: No position at the stock mentioned above.
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