2016 Annual and Extraordinary General Meeting of Shareholders PT Golden Eagle Energy Tbk

Date: 
3 June 2016
Image: 

 

JAKARTA – One of the resolutions of the General Meeting of Shareholders (GMS) of PT Golden Eagle Energy Tbk (SMMT), which took place on Thursday, 2/06/2016, was agreed to the changes of The Board of Commissioners and Directors. It includes pointing Roza Permana Putra as the President Director replacing Hendra Surya who was appointed to be the President Commissioner of the company while Chrismasari Dewi Sudono who served as the Corporate Secretary was appointed as director to succeed Abed Nego upon his resignation.

The Board of Commissioners and Directors of PT Golden Eagle Energy Tbk are as follow:

President Commissioner     ': Hendra Surya

Commissioner                      : Darjoto Setyawan

Independent Commissioner : Bambang Setiawan

Independent Commissioner : Bekto Suprapto

Independent Commissioner : Harry Wiguna

 

President Director              ': Roza Permana Putra

Director                               : Chrismasari Dewi Sudono

Independent Director          : Achmad Hawadi

 

In addition to the changes of management, the GMS also agreed to the change of plan to use the remaining proceeds from the Rights Issue I of Rp 50 billion. Initially the fund was allocated for business development but then converted into operational working capital to support coal mine operation in South Sumatra. The reason was, at the end of 2015, an SMMT subsidiary, PT Triaryani, obtain logistic infrastructure such as hauling road and port that provide opportunities to increase production capacity and consistency throughout the year.

Roza Permana Putra, President Director of PT Golden Eagle Energy Tbk, explained Triaryani require additional working capital to accelerate the increase in production to optimize the supply lines. "Increased production and focus on existing operations will contribute more value to stakeholders compared to business development, as current condition of the coal industry is still weak," said Roza.

Weakening export coal market pushed the company to focus on sales in the domestic market. As a result, domestic coal sales volume increased rapidly to 400 thousand tons in 2015 compared to 2014 amounted to 204 thousand tons. The achievement is a way of preparation for the company to support the increasing domestic coal demand as a number of new coal-fired power plants through the program of 35,000 MW begin its operation.

Throughout 2015, Roza added, Triaryani managed to increase its revenues from coal sales by 222% to Rp28,8 billion, or jumped from the previous year's sales amounting to Rp8.9 billion. Another subsidiary, PT International Prima Coal (IPC) was still recorded a positive operating margin for the company ", said Roza.