ABMM General Meeting of Shareholders (RUPS) Approve Additional BOD Members to Realize 2020 Vision
- RUPS also approves report on use of company’s IPO proceeds
- ABM in April 2015 officially commenced operation of its integrated coal mine project in Aceh through US$202 million investment
Jakarta, May 18, 2015 - The Annual General Meeting of Shareholders (RUPST) for PT ABM Investama Tbk (ticker code: ABMM) has approved today the entire agenda proposed by management. This includes expanding the board of directors (BOD) from 4 to 6 members. In addition to retaining the existing BOD, the RUPST named PT Cipta Kridatama CEO Irfan Setiaputra and PT Sumberdaya Sewatama CEO Natali Hasto Kristijono as the company’s operational directors. Meanwhile, Arief Tarunakarya Surowidjojo has been named as independent commissioner, replacing Erry Riyana Hardjapamekas.
Following the 2015 RUPST, the list of ABMM Commissioners and Directors is as follows:
President Commissioner :
Rachmat Mulyana Hamami
Independent Commissioner :
Arief Tarunakarya Surowidjojo
President Director :
Achmad Ananda Djajanegara
Independent Director :
Natali Hasto Kristijono
The RUPST has also approved the report on the use of IPO proceeds. As of December 31, 2014, from the total Rp 1.48 trillion in net funds generated from the IPO, an allocated Rp 1.53 trillion has been used.
ABM Investama President Director Andi Djajanegara said that the addition of directors is a strategic step to realize the company’s vision in 2020.
Adding new directors from within the company serves to strengthen the business synergy and integration among ABM Investama business units.
“The two new directors from our subsidiaries will complement the competence required by ABM, thereby allowing the ongoing business development and synergy to run more optimally and effectively. The addition of the two new directors reflects the company’s commitment in facing business challenges as well as the industry that is currently in crisis,” said Andi Djajanegara following the RUPST in Jakarta, Monday (5/18).
According to Andi, in line with the 2020 vision, ABM will strive to become an integrated energy company with a balanced portfolio. As part of the company’s efforts to realize the 2020 vision, ABM in April 2015 officially commenced operation of an integrated coal mining project in Aceh through an investment of US$202 million.
This project in Aceh will ensure the production of coal that will later be supplied for coal-fired IPP to meet demands for electricity in Aceh and North Sumatra. Development of this power plant project is in line with ABM’s vision for the future and its bid to balance its business portfolio.
By the end of 2015, the Aceh project is targeted to produce 1-3 million tons of coal, with a portion of the amount allocated for the domestic market and the rest to meet export demands. As part of the business integration, coal production from the Aceh project will support the plans of ABM’s subsidiary, namely PT Sumberdaya Sewatama, to develop the electricity generator business by building the Mulut Tambang coal power plant (PLTU) through the concept of independent power producer (IPP). The electricity produced is expected to contribute in meeting the energy demand in Aceh and North Sumatra. The coal power plant construction is expected to further solidify Sewatama’s portfolio in the electricity business. By the end of 2014, Sewatama’s total electricity installed capacity reached 1.142MW
“Business integration and synergy that we develop in the Aceh project will further strengthen the company’s fundamentals in the long term. In addition to the rising demand for domestic coal as well as those from several countries such as India, there is also tremendous demand for national electricity,” explained Andi.
ABM Director Yovie Priadi added that as part of efforts to realize the ABM 2020 vision, the company has also fortified its non-coal mining business. For instance, PT Cipta Kridatama (CK), which previously focused only on the coal mining sector, had entered the construction business in 2014. In early April of this year, CK also secured a US$187 million iron ore mining contract from PT Adidaya Tangguh.
“ABM will maintain the initiative to maximize its assets and optimize market opportunities that continue to emerge in Indonesia such as those in the sectors of infrastructure, logistics as well as oil and gas. Realization of the 2020 vision will be done in a measured and planned manner through synergy among all business units,” he added.