JAKARTA – Due to the performance stagnation, the shareholders of PT Sri Rejeki Isman Tbk (SRIL), or Sritek, decided to restructure the boards of directors and commissioners in the last shareholders meeting on March 17, 2023. In September 2022, Sritek’s revenue shrank 25.57% year-on-year (yoy) to USD 474.17 million from USD 637.11 million, resulting in a loss of USD 147.76 million.

According to the information disclosure quoted Friday (24/3), the Extraordinary General Shareholders Meeting was joined by the representatives of 13.21 billion shares, equal to 64.60% of total valid votes. Then, 97.99% of them, the representatives of approximately 12.94 billion shares, agreed to rearrange the current directors and commissioners.

Prior to the shareholders meeting, Sudjarwadi took the position of Independent Commissioner of SRIL, while Megawati sat as the commissioner. Iwan Setiawan was assigned as President Director, Iwan Kurniawan Lukminto as Vice President Director, while Mira Christina Setiady, Eddy Prasetyo Salim, Allan Moran Severino, Karunakaran Ramamoorthy, and Nasir Tamara Tamimi, were named as Directors.

After this restructure, Iwan Setiawan will rise to President Commissioner, while Megawati remains as the Commissioner. Liem Konstantinus will enter the board of commissioners as Independent Commissioner. For the board of directors, Iwan Kurniawan Lukminto will be named as President Director, followed by Mira Christina Setiady as Director of Operation, Welly Salam as Director of Finance, Supartodi as General Director, Regina Lestari Busono as Independent Director, Karunakaran Ramamoorthy as Yarn Business Director, Sandeep Kr Gautam as Fabric Business Director, Teo Khek Thuan as Apparel Business Director.

The company was still seen at loss in its Financial Report of Q3 2022. Until now, SRIL is still under suspension in Indonesia Stock Exchange (IDX). (LK/ZH)