Indonesia's Sampoerna Reschedule Shareholder's Meeting to Feb 17

PT HM Sampoerna said it has rescheduled a special shareholders` meeting to Feb 17 after failing to achieve a quorum at last Friday`s meeting.

The meeting was supposed to vote on proposals to license the production and sale of Sampoerna`s cigarette brands overseas and to license Sampoerna to produce and sell locally Philip Morris International Inc`s brands such as Marlboro.

Last Friday`s meeting needed a quorum of 50 pct, plus one of the company`s minority shareholders, but the turnout was only only 9 pct. It was the first meeting held by the company to seek independent shareholders` approval since Marlboro producer Philip Morris acquired a stake of more than 97 pct in the company last May.

According to the existing regulations, the company can lower the quorum at a third meeting with the approval of the capital market watchdog, Bapepam, should it also fail in a second attempt to acheive the required numbers, XFN-Asia reported.

Source:
ANTARA News Jan 30, 2006