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PGN waiting for regulation to convert debts into shares
The Jakarta Post , Jakarta | Mon, 07/13/2009 2:32 PM | Business
State gas distributor PT Perusahaan Gas Negara Tbk (PGN) is still waiting for a government regulation that will allow it to convert its debts to government into shares."The current regulation allows PGN to convert its debts of Rp 99 billion [US$99 million],” PGN corporate secretary Wahid Sutopo said Monday in Jakarta.
“We’re waiting for the new regulation.”
PGN has not set a deadline for paying off its debt to the government.
"It’s the government’s authority to issue the regulation," Wahid said.
PGN owes Rp 127 billion to the government, after converting the Rp 99 billion of debt to the government into 3 percent of shares in April.
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