Gani Bustan set as KBRI president director

BI/market

23/9/2011

Irvin Avriano A.

Bisnis Indonesia

Gani Bustan set as KBRI president director

JAKARTA: Gani Bustan officially appointed to be PT Kertas Basuki Rachmat Indonesia Tbk president director, replacing Elia Massa Manik whom move to PT Elnusa Tbk.

The matter is showed in the information disclosure related to the result of Kertas Basuki Rachmat extraordinary general meeting of shareholders (EGM) that published in the newspaper on Friday.

Gani, used to be served as commissioner, will become part of board of director with Theodorus Ito Prawira Jatty.

The EGM also approved a new commissioner namely Ferdy Yustianto, whom will accompanied two other officer namely Anton Hudyana, or Antonius Budi Setiawan Hudyana (as president commissioner), and also Adam Ariaji, the 26 years old commisioner.

Adam served as director of PT Kertas Basuki Rachmat back in 2010, director of PT Indhasana Energy since 2009 until now. He also served as commissioner of PT Sinar Pedoman Abadi since 2008 until today. He was appointed operations manager at PT Tridiantara Alvindo since 2008 until now. In 2005 to 2007 he served as operating officer at Sinar Pedoman Abadi.

Indhasana Energy is an afilliated company to Kertas Basuki Rachmat Indonesia, showed by similarity of names (Kertas Basuki Rachmat Indonesia incorporated late in 1978 with name PT Indhasana). Sinar Pedoman Abadi and Tridiantara Alvindo are former subsidiaries to Kertas Basuki Rachmat Indonesia which sold to PT Sinar Semindo Rezeki (now its called PT Petroneks Energy) in February 2008, together with PT Indhasana Purisejahtera.

Elia already served as Elnusa president directore since July, replacing his predecessor Suharyanto, after the company tripping problems with PT Harvestindo Asset Management and PT Bank Mega Tbk. Gani Bustan also served as commossioner in Elnusa. The matter also showed many similarity and affiliation between the two entities.

Aside to the changing the board agenda, the company also get approval from the shareholders to convert their debt to PT Wahyu Berkat Abadi worth IDR38.74 billion. The debt convertion through non-preemptive rights mechanism.

Kertas Basuki Rachmat Indonesia also have approval to change their statutes to fixed their company foothold in Jakarta Selatan.

Indonesia Stok Exchange (IDX/Bursa Efek Indonesia) data showed Kertas Basuki Rachmat's shareholders consist of AAA-JS Multisectoral Fund 19.68% (controlling shareholder), Riverton Group Holdings Ltd 18.96%, and Suisse Charter Investment Ltd 11.2%.

The others are Wyoming International Ltd 12.51%, Yusuf Ardhi Boediono 5.16%, Adam Ariaji 5.19%, and public 32.49%.

Kertas Basuki Rachmat Indonesia is a paper producer company that already get into restructuring period last mid-year when the emitter led by former Head of National Bank Restructuring Agency (BPPN) Glen Mohamad Surya Yusuf and with Anton Hudyana, both are wide-experiences-executive to handle any company's restructuring.

The company already one of their subsiaries early last year, PT Kertas Blabak, Magelang-based paper company, to PT Satya Mitra Mandiri.

The emitters shares which coded KBRI closed appreciated IDR2 or 3.92% to IDR53 in yesterday stock market. The price formed its market capitalization to IDR419.4 billion and price to earnings ratio (PER) 0.34 times.