Appointing New Boss, Bentoel International Cigarette Manufacturer Investama Continues Plan To 'Leave' From The Stock Exchange Aka Go Private

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JAKARTA - PT Bentoel Internasional Investama Tbk has appointed a new board of directors amid efforts to delist or delist RMBA shares from the Indonesia Stock Exchange (IDX). The company has appointed William Lumentut as president director replacing Faisal Saif and appointed Thomas Christian as director of the company replacing Martin Artur Guest.

"The shareholders have agreed to appoint a new board of directors," said Dinar Shinta Ulie at the Public Expose of the Bentoel Annual General Meeting of Shareholders (AGM), quoted by Antara, Wednesday, July 27.

Dinar said that the appointment of new leaders is expected to improve the company's export performance in the future so that it will also have an impact on state revenues.

With this step, the company is also expected to be able to face challenges that will occur in the future, such as increasing excise tariffs and Retail Selling Prices (HJE), increasing illegal cigarette trade and the lack of incentives in an effort to encourage investment.

"The company hopes that the government will pay more attention to the sustainability of the tobacco industry through balanced regulations for all stakeholders," said Dinar.

Dinar said that currently the delisting efforts are still in process and will not affect the company's performance. It continues to try to invite shareholders to participate, especially those who have not responded.

She emphasized that the company will complete the delisting this year. "Our target is to finish it this year, hopefully it will be smooth," said Dinar.

Through research and development (R&D) activities, Dinar said the company continues to improve innovation and quality of its products. She believes the company will continue to play a role in the Indonesian economy

Previously, on September 28, 2021, as decided in the 2021 AGMS, the company took steps to change the company's status from public to closed or Go Private as well as delisting RMBA shares from the IDX or delisting.