Bambang Brodjonegoro Appointed as Commissioner at Luhut Pandjaitan's Company, TBS Energi Utama

JAKARTA - After officially serving as Independent Commissioner of PT Astra International Tbk (ASII), Bambang Brodjonegoro was also appointed as Commissioner of PT TBS Energi Utama Tbk (TOBA) on Thursday 17 June.

According to the results of TBS Energi Utama, Pandu Sjahrir, on his personal Instagram account, he congratulated Ahmad Fuad Rahmany and Bambang Brodjonegoro as Commissioners of TOBA the Extraordinary General Meeting of Shareholders (EGMS).

"Congratulations to our new board member, Mr. @bambangbrodjonegoro, and also Mr. Fuad Rahmany", Pandu wrote on Instagram Story, quoted on Friday, June 18.

On the same day, Bambang, who also served as President Commissioner of PT Telkom Indonesia (Persero) Tb (TLKM) and The main commissioner of PT Bukalapak.com, was also appointed as Commissioner of ASII.

In addition to reshuffling the commissioners, coal mining company TBS Energi Utama also plans to raise capital by granting preemptive rights (PMHMETD) or rights issues.

The company founded by Luhut Pandjaitan will issue a maximum of 1,880,000,000 shares or 1.88 billion shares with a nominal value of IDR 50 per share. Every shareholder who does not exercise their Preemptive Rights will experience a dilution of share ownership of up to 18.9 percent of the rights issue.

The management of TBS Energi Utama explained that the implementation of this rights issue will strengthen the company's capital structure and support the development and expansion of the company's business.

"All funds obtained from the planned increase in capital with Pre-emptive Rights, after deducting the cost of issuance, will be used to strengthen the company's capital structure and entirely to finance the company's investment and for the company's activities in general", wrote TBS Energi Utama management, quoted from his statement, Monday 10 last May.

After holding the action, the company also plans to give management and employees option rights to buy new shares to be issued in the management and employee stock option plan (MESOP) program.

TBS Energi Utama, the company previously named Toba Bara Sejahtera, will issue a maximum of 160,999,280 shares or 160.99 million shares in the action with a nominal value of IDR 50 per share. Through the MESOP action, each shareholder of the company will be subject to a dilution of share ownership of a maximum of 1.9 percent.