PT Pan Brothers Tbk held its annual general meeting of shareholders (Rapat Umum Pemegang Saham Tahunan) for the 2014 financial year on 9th June 2015 at the Graha CIMB Niaga Building in Jakarta. The event served multiple agendas, such as the presentation of corporate reports for 2014 which include the company’s financial report and the Board of Commissioners’ supervisory report. In addition to reviewing the 2014 financial year and validating the reports, Pan Brothers’ shareholders also convened to deliberate on a number of issues.
The annual general meeting had a total turnout of individual and corporate shareholders representing 89.83% of voting rights in the company. Among the participants, Mr Ludijanto Setijo, Ms Fitri Ratnasari Hartono, Ms Lilik Setijo, Mr Murali Krishnan Ramakrishna Pillai and Mr Hwang Sei Wook hosted the proceedings as members of Pan Brothers’ Board of Directors along with Mr Supandi Widi Siswanto, Mr Dhanny Cahyadi and Mr Sutjipto Budiman from the Board of Commissioners.
By the conclusion of the event, Pan Brothers’ shareholders voted to accept the reports from both boards as well as approved several corporate actions. This leading textile and garment company in Indonesia is set to disburse a portion of its net profit in 2014 for shareholders dividend. Additionally, the meeting also authorized the Board of Directors to use above 50% of Pan Brothers’ assets as collateral for acquiring corporate financing. In 2014, PT Pan Brothers Tbk booked a net profit of $10.35 million USD and is currently seeking to raise $200 million USD in syndicated loans over the coming months to be used to refinance older debts and inject $35 million USD into its working capital.