Bukit Asam dissolves indirect subsidiary under state-owned enterprise overhaul
Management says the liquidation of PT Bukit Multi Properti will not affect Bukit Asam’s operations, finances or business continuity.
PT Bukit Asam Tbk (PTBA) is dissolving and liquidating its indirect subsidiary, PT Bukit Multi Properti (PT BMP), as part of an Indonesian government policy to streamline subsidiaries of state-owned enterprises, management said in a stock exchange disclosure.
PT Bukit Multi Investama (PT BMI) holds 99.99 per cent of PT BMP, while Yayasan Bukit Asam (YBA) owns the remaining 0.01 per cent. Bukit Asam controls PT BMP through PT BMI.
Management said the government policy, conveyed through PT Danantara Asset Management, directs state-owned enterprises to reorganise their subsidiaries. The changes are intended to improve efficiency, sharpen their focus on core businesses and strengthen governance by reducing overlapping functions and similar business activities, including through dissolutions.
Bukit Asam said the move supports the strategic policy of its controlling shareholder, PT Mineral Industri Indonesia (Persero), or MIND ID. Management said the action has no impact on Bukit Asam’s operations, legal position, financial condition or ability to continue operating.
