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Quasi reorganization would be implemented after obtaining approval from shareholders.
PT Bakrie & Brothers Tbk quasi reorganization plan submitted to the Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK). Master the reorganization was carried out according to accounting principles generally accepted in Indonesia, namely Guidelines for Financial Accounting Standards (SFAS) No. 51 and Bapepam-LK.
"This plan aims to restructure the capital of the company by eliminating the deficit and return the following assets of its obligations," said President and Chief Executive Officer (CEO), Bakrie & Brothers, Bobby Gafur Umar, in a written statement in Jakarta, Tuesday, May 10 2011.
However, the quasi reorganization would be implemented after obtaining approval from shareholders.
Bobby said, as of December 31, 2010, Bakrie & Brothers recorded a deficit and restructuring the difference in value of Rp38, 2 trillion. Of this total, amounting to Rp27, 7 trillion is a company deficit caused by losses on investments after the crisis of 2008.
"Based on a predetermined plan, in its execution later, the company will take two steps: first, in proportion to change all par value shares of the company, and secondly, taking into account additional paid-in capital and unify the currently separate," says Bobby.
Through the quasi reorganization, the company will gain some benefit for shareholders, including the net book value of Bakrie & Brothers show the real conditions, without the burden of deficit. The Company may also restate its assets and liabilities, and may declare dividends to shareholders in the future.
Over the plan, the company will seek shareholders' approval at a general meeting of shareholders extraordinary in June 2011.
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