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Trikomsel fails to make changes to its board of directors
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Individual investors fill out an application form to buy initial PT Trikomsel Oke shares in Jakarta on April 2. (Tempo/-)
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T Trikomsel Oke failed to change its board of directors during a meeting (EGM) on Friday, claiming that the publicly listed company is required to secure permission from its creditors first.
The phone distributor and retailer’s s president director Sugiyono Wiyono said the existing board of directors would carry out their duties until the firm had been granted permission from lenders to change the directors’ formation.
Four of the company’s directors — Danang Cahyono, Desmond Previn, Ellianah Wati Setiady and Juliana Julianto Samudro — recently sent letters of resignation to the company due to a decrease in the company’s performance.
The company filed a debt postponement petition (PKPU) with the Central Jakarta Commercial Court on June 16, binding every corporate action to creditor agreement. The petition will expire on July 31.
Under a PKPU, a company will be given the opportunity to propose a debt settlement to its creditors. Trikomsel defaulted on a Singapore dollar bond in 2015 as debt servicing requirements ballooned due to rupiah depreciation.
Sugiyono said the company would continue to operate while undergoing the PKPU process. “We will complete debt payments through the PKPU process, and our business will run as usual,” he said. (vny/ags)
