Holcim deficit IDR3.94 trillion written off

JAKARTA: PT Holcim Indonesia Tbk got its IDR3.94 trillion deficit on loss foreign exchange in 1997 eliminated after its shareholders approved a quasi reorganization in an extraordinary meeting of shareholders today.Deputy CFO Holcim Irman Andriesjah said that the quasi reorganization plan increases companys fixed asset by IDR2.68 trillion to IDR7.22 trillion, leaving the retained earnings at IDR47 billion.Prior to the approval from the shareholders, the plan has gone through Capital Market and Financial Institution Supervisory Board (Bapepam-Lk). The procedure has been effective since June 20, 2010.Everyone has approved the quasi reorganization. It means that the deficit because of loss on foreign exchange during 1997 economic crisis is removed. It doesnt exist anymore. Bapepam has also acknowledged and approved it, he said late last week.According to him, eliminated deficit allows the company to not only strengthen its financial balance but also to pay dividend. However he added that it could not be ascertained that the dividend will be paid in 2011 or in the next period.We should see the condition first before we start paying dividend either in 2011 or in the next period. Well see, he said.Moreover, he continued that the quasi reorganization enables the company to more easily obtain foreign investment for expanding business. However, if the company needed extra fund outside the internal cash, it would rather choose the option to get loan from bank than issue bonds, he said. (t04/wiw)

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