Investors propose overhaul of Sugih management

By Bernard Loebs

Majority of investors in IDX-listed oil and gas firm PT Sugih Energy Tbk have proposed to revamp the company?s board of directors in bid to improve corporate governance at an upcoming extraordinary shareholders meeting on December 16.

Edward S. Soeryadjaya, Chairman of Ortus Holdings, a shareholder in Sugih, said on Tuesday that investors with combined votes of more than 50 percent have agreed to assign Adrian Rusmana, Head of state-owned oil and gas firm PT Pertamina?s Pension Fund (Dapen), which holds 8.08 percent stake in Sugih, to be in charge of the proposed restructuring measure.

Trading in Sugih shares has been suspended by the Indonesia Stock Exchange since the past two months.

Meanwhile, Adrian said that to improve company performance, cooperation among shareholders are required. He added that Sugih has valuable assets that would benefit shareholders and the country, which needs oil and gas output.

Editing by Reiner Simanjuntak