Immediately Submit The Financial Report, Cowell Development Will Hold The AGMS On July 15

Atrium Senen managed by Cowell Development. (Photo: Wikimedia Commons)

JAKARTA - PT Cowell Development Tbk (COWL) invited its shareholders to attend the Annual General Meeting of Shareholders (AGMS) on July 15, 2022. This was done by COWL to reduce the pile of special notations attached to the company's share code in the stock exchange trading display.

"We will hold an AGM on July 15, 2022, and immediately submit the final financial report", said COWL Director, Pikoli Sinaga in an incidental public expose, online, Friday, July 8.

The management of COWL hopes that, in the midst of the COVID-19 pandemic which has not ended, the AGMS will not be physically attended by many shareholders.

"The shareholders gave the power of attorney (e-proxy) to the securities administration bureau (BAE)", explained COWL management.

To note, there are five special notations attached to the company's stock code, namely notation E because the latest Financial Statements in 2019 showed negative equity of IDR 19.279 billion.

The next special notation, D because the public accountant embeds a disclaimer of opinion or disclaimer on the 2019 financial statements because the loan to QNB Bank has defaulted, the balance loss experienced by the company triggers a deficit so that it affects the company's business continuity, short-term liabilities are more than the total current assets and the existence of conditions of significant uncertainty over the possibility of a decision on the bankruptcy of the company.

For the last reason, Pikoli stated that the company had reached an amicable agreement and homologation had been ratified in a court decision dated October 26, 2020, one of the contents of which stated that the suspension of the obligation to pay debts (PKPU) ended by law.

In addition, the company's stock code also has a special notation L because it has not submitted its 2020 and 2021 financial statements.

Next, notation Y because it has not held 2019 2020, and 2021 AGM. Because of all this, the IDX has also included the property issuer's shares in a special monitoring list.