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Tuesday, February 23, 2010

Minimum quorum for Multipolar 50%

Minimum quorum for Multipolar 50%

By: Irvin Avriano A.

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) determine the minimum quorum of a extraordinary shareholders' general meeting (EGM) of PT Multipolar Tbk by 50%.

"We wanted the shareholders who attended are more than 50%," said Companies Financial Valuation Service Sector Bureau Chief Bapepam-LK Noor Rachman told Bisnis in Bapepam-LK office this afternoon.

He said that number is a decision of Bapepam-LK which have considered several things. However, he said, the rate is not an average quorum of the earlier EGM that have held twice by the company.

Company failed to get approval from its shareholders to perform reverse stock. It did not get the issuer at the EGM which has held twice since January because they do not meet the quorum stipulated that makes the company requires the approval of Bapepam-LK to determine a minimum quorum at a third EGM.

Decision making by the Bapepam-LK is based on the rules of Bapepam-LK No.IX.J.1 concerning the Principles of Public Offering And Equity for Public Company. The company scheduled the third EGM held on Thursday this week.



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