Quorum of Sentul City EGMS is 53%

Saturday, 06/02/2010 00:00 WIB

Irvin Avriano Arief

for Bisnis Indonesia

Quorum of Sentul City EGMS is 53%

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) set the quorum of the third extraordinary general meeting of shareholders (EGMS) of PT Sentul City Tbk at least with 53 percent of the shareholders.

Service Sector Finance Audit bureau chief of Bapepam-LK Noor Rachman said the limit was given to the company for the third EGMS February 15.

"We have addressed it to them. The figure (53 percent) is the average of previous EGMS,"he said yesterday.

He said it is based on the regulation of Bapepam-LK No.IX.J.1 on the corporate statute outlines on the equity related offering and public corporate.

The company should execute the third EGMS for the acquisition scheme of PT Bukit Jonggol Asri. The other agenda for shareholders approval is the amendment of the corporate statutes.

Emitter plans to acquire Bukit Jonggol stocks with cash raked from the III/2009 rights issue (PUT). The first EGMS approved the scheme. However, the company needed the second EGMS as the first one lacked of the shareholders attendance.

To get approval of the acquisition of Bukit Jonggol, the company needs 75 percent quorum in the second EGMS as it was deemed material corporate action as required by the regulation of Bapepam-LK No.IX.E.2 on the material transaction and core business change.

However, the company failed to get adequate attendance of the shareholders in the second EGMS with only 53.1 percent of the overall shareholders. Thus it requires the third EGMS with minimum quorum set by Bapepam-LK. (Bisnis/Irvin Avriano A)