Indika Enregy appoints new president director

By Brigida Ernestina Elu Wea

M. Arsjad Rasjid P.M has been appointed President Director during the shareholders? meeting of IDX-listed energy company PT Indika Energy Tbk on Thursday.

Previously, Arsjad served as vice president director, the firm said in a statement, adding Arsjad replaced Wishnu Wardhana, who was appointed President Commissioner.

Arsjad will be assisted by two directors Azis Armand and Eddy Junaedy. Previously, the firm had seven directors, but it now has only two directors.

The Board of Commissioners consist of Wishnu, Agus Lasmono as Vice President Commissioner, Muhamad Chatib as Independent Commissioner, Boyke W. Mukijat as Independent Commissioner, Richard Bruce Ness as Commissioner. Ness was previously a director.

Arsjad said amid the coal market downturn, the firm will focus on maintaining financial stability at holding company and subsidiaries by cutting costs, tightening capital expenditures, maintaining cash reserve, cutting debts and encouraging each subsidiary to increase the utilization of capacity and net new customers.

As part of efficiency, the firm cut director positions to three from seven, he said.

The firm booked US$44.6 million loss in 2015, up from $27.6 million in 2014.

Editing by Johannes Simbolon