Resources Prima?s director resigns, unveils changes to board of directors, committees
Saturday, December 30 2017 - 03:22 AM WIB
SGX-listed Resources Prima Group Limited, which operates integrated coal mining operations in Indonesia?s East Kalimantan Province, announced on Friday that Russell Joseph Kelly has resigned as Independent Director of the group with effect from 31 December 2017.
?Following his resignation, Kelly shall cease to be Chairman of the Nominating Committee and a member of the Audit and Risk Management Committee as well as the Remuneration Committee,? Resources Prima said in the announcement.
Meanwhile, the company said that Low Yew Shen has been re-designated from Non-Executive Director to Independent Director of the group with effect from 31 December 2017 and shall be appointed as Chairman of the Nominating Committee and a member of the Audit and Risk Management Committee as well as the Remuneration Committee.
Resources Prima said that there have been changes to the composition of the Board and Board Committees. The new composition of the Board and Board Committees with effect from 31 December 2017, as approved by a majority of the Board, will be as follows:
The members of the Board of Directors are: Agus Sugiono ? Executive Chairman and Chief Executive Officer; Gabriel Giovani Sugiono ? Executive Director; Giang Sovann ? Lead Independent Director; Low Yew Shen ? Independent Director; Rozano Satar ? Independent Director; Khoo Song Koon ? Independent Director; and Chow Wai San ? Independent Director.
Meanwhile, members of the Audit and Risk Management Committee (ARMC) are Giang Sovann ? ARMC Chairman; Low Yew Shen ? Member; Chow Wai San ? Member; and Rozano Satar ? Member.
The Remuneration Committee comprises of Giang Sovann ? RC Chairman; Low Yew Shen ? Member; Khoo Song Koon ? Member; and Rozano Satar ? Member
The Nominating Committee comprises of Low Yew Shen ? NC Chairman; Giang Sovann ? Member; Khoo Song Koon ? Member; and Rozano Satar ? Member.
The Jakarta Commercial Court declared on October 9, 2017 Resources Prima?s key operating subsidiary PT Rinjani Kartanegara bankrupt effective after majority of Rinjani?s creditors rejected a proposed debt restructuring plan.
Rinjani has stopped its coal mining operations since June 23, due to inability to meet financial obligation to PT Cipta Kridatama, its mining contractor. Rinjani was unable to pay contractor PT Cipta Kridatama on time as coal production and sales were reduced due to rainfall and dewatering problems at the mine.
Editing by Reiner Simanjuntak