JAKARTA - PT Gunung Raja Paksi Tbk (GGRP) has signed a cooperation contract valued at US$ 10.46 million with Baowu Group as a reward for operational management services at the company. With this collaboration, two Baowu senior officials served as technical director and operational director at GGRP.
As quoted from the disclosure of company information, Leonardus Salim, Corporate Secretary of PT Gunung Raja Paksi Tbk (GGRP) said that the appointment of two directors from the Baowu Group will be carried out during the Extraordinary General Meeting of Shareholders (EGMS) on February 10, 2020. "The company hopes to increase "competitiveness and profitability levels, while being able to increase production operations, quality and production results," he said.
The collaboration with Baowu Group was signed on December 31, 2019. The agreed value of the management and operational cooperation contract is below 20% of the company's equity. As of September 30, 2019, the company recorded equity of US $ 710.60 million, an increase compared to the 31 December 2019 period of US $ 531 million. (LK)
The collaboration with Baowu Group was signed on December 31, 2019. The agreed value of the management and operational cooperation contract is below 20% of the company's equity. As of September 30, 2019, the company recorded equity of US $ 710.60 million, an increase compared to the 31 December 2019 period of US $ 531 million. (LK)