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Extraordinary gaffe seen at Evergreen’s shareholders meeting
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Office of insurance holding Bumiputera 1912 (kontan.co.id/Baihaki)
An extraordinary shareholders meeting held on Wednesday by publicly listed trading company PT Evergreen Invesco ran with gaffes.
Evergreen, through its subsidiary PT Pacific Multi Investama, owns 99 percent shares in insurance holding Bumiputera 1912, which was established as a part of a restructuring scheme to rescue dying century-old mutual life insurer Asuransi Jiwa Bersama Bumiputera (AJBB).
Business tycoon Erick Thohir was said to have injected capital through one of the holding companies.
Less than a dozen people attended the meeting, which took place at the CIMB Niaga building in South Jakarta, despite the fact that 40.53 percent of Evergreen’s stocks are owned by the investing public.
A couple of shareholders arrived late and received no explanation from the organizer about the event.
The meeting’s agenda was to seek approval from the shareholders on the firm’s plans to change its capital structure, name and board of directors and commissioners and to hold a rights issue, according to the company’s announcement published on the Indonesia Stock Exchange (IDX) website.
No official from the firm was available to provide comments to the media waiting outside the meeting room. Notary Humberg Lie, who attended the meeting, said it was quorum but refused to go into details of the discussed agenda.
Evergreen, the asset value of which reached Rp 30.59 trillion (US$2.3 billion) as of October last year, plans to issue 50 billion new shares to develop its subsidiary, according to its prospectus. (bbn)
