Medco again fails to reach agreement on debt plan

Extra-ordinary meeting of PT Medco Energi Internasional failed again to reach a quorum on Thursday as most of the company?s independent shareholders did not show up, Koran Tempo reported on Friday.

The meeting which would approve the debt restructuring plans of Medco?s two affiliated companies was the second held by the firm as the first one also failed to meet the quorum.

Chief Financial Officer of Medco Sugiharto said that of the total independent shareholders, only 35.6 percent of them representing about 63 million shares attended the meeting. ?It did not meet the quorum,? he added.

As the consequence, the agenda to restructure the debts of Medco?s two affiliated companies would be delayed again. As earlier reported, PT Medco Central Asia Ltd and PT Medco Duta are seeking approval to reschedule their debts worth Ro 606.99 billion and Rp 332.73 billion, respectively to Medco Energi.

Sugiharto said that according to the capital market ruling, the company still has another 14 days to hold another meeting. ?If it fails again, we will apply a ruling from the Capital Market Supervisory Agency (Bapepam), ? he added.(*)