Bakrie Appoints Local Executives to Lead Management

Indonesia Finance

Saturday, 26 June 2010 14:02

PT Bakrie & Brothers Tbk (BNBR), the holding company of Bakrie Group companies, had on Friday replaced its board of directors, appointing local executives to lead the management for the upcoming term.

Bakrie's shareholders also approved to abolish the board of management for avoiding the double duty. Before, Bakrie has both board of management and board of director.

Three foreign executives in Bakrie management that were not reappointed are Dillep Srivastava who acted as investor relation and director, Nalinkant A Rathod (president director) and Michael E Lucente (investment officer). Local executive Ari Saptari Hudaya was also replaced.

Bobby Gafur S. Umar was appointed as new president director of the company. Before, he acted as CEO of the board of management. Also appointed as directors are Eddy Soeparno, Dody Taufiq Wijaya, Siddharta Moersjid and R.A. Sri Dharmayanti.

Bobby said, as quoted by detikfinance.com on Friday, the company will invite strategic investors from Korea and China for funding the current projects such as gas pipeline, toll roads and power plant, with the cost reaching up to US$500 million. These projects will be run for 2-3 years.

He said Bakri & Brother also plans to invest in financial services business through acquisition under the co-investment scheme. "We will allocate capital expenditure of between US$200-300 million for the financial services segment," Bobby said.

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