Jan 2, 2012

Samin Tan to lead Bumi Plc?

Indonesia's Capital Market Supervisory Agency, Bapepam-LK, has sent an official letter to PT Bakrie & Brothers Tbk (BNBR), clarifying the net loss in its September's financial statement. As a result of quasi reorganization, Bakrie & Brothers is not allowed to post another net loss. 
According to Gonthor Ryantori Aziz, Head of Corporate Financial Assessment in the Service Sector at Bapepam-LK, as quoted by Kontan daily today, Bakrie & Brothers' management has to answer the letter early January 2012. Bapepam-LK has asked the source of net loss and what the company's strategy to boost its performance. 
Samin Tan to lead Bumi Plc?
Kontan rumored Samin Tan will enter the board of director at Bumi Plc. According to Kontan's sources, there are two scenarios relating to Samin Tan. The first scenario is he might be appointed as Bumi Plc as president director, replacing Ari Saptari Hudaya. Ari Hudaya is mandated to lead PT Bumi Resources Minerals Tbk (BRMS). The second is Samin Tan might be mandated as one of commissioner at Bumi Plc.
In Bumi Plc's board structure, Indra Bakrie is the Chairman and Nathaniel Rothschild is the Co-Chairman with two executive directors namely Ari Hudaya and Andrew Beckam and ten non-executive directors namely James Campbell, Rosan Roeslani, Sir Julian Horn-Smith, Lord Renwick, Steven Shapiro, Sir Graham Hearne, Amir Sambodo, Philip Yeo, Sony B. Harsono and Badung Tariono), eight of whom (excluding James Campbell and Rosan Roeslani) are considered to be independent. Sir Julian Horn-Smith has been appointed as senior independent director. 
In the executive management, Ari Hudaya is acting as chief executive officer.

Disclosure: No position at the stock mentioned above.

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