JAKARTA. The Extraordinary General Meeting of Shareholders (EGM) of PT Adhi Karya (Persero) Tbk (ADHI) has approved the plan to relinquish the ADHI's enterprise status in order for the company to join the state-owned construction holding led by PT Hutama Karya.
The establishment of the SOE holding will transfer all state-owned Series B shares to PT Hutama Karya. ADHI CEO Budi Harto said currently the EGM's decision is still awaiting the government's follow-up. "All shareholders have agreed to transfer the government's shares to Hutama Karya," said Mr Harto as quoted by Kontan.co.id, Friday (1/2). "But it's still awaiting the government's decision," he added.
After ADHI relinquishes its enterprise status, the Indonesian government still has direct control of the company. This control can be done through the exploitation of the Dwiwarna Series A shares. As for indirect control, it can be done through the government's 100% stake ownership in Hutama Karya. (KR/MS)