BERLIAN LAJU TANKER TBK
Indonesia Stock Exchange: BLTA Meeting Date: 3/19/2014
Berlian Laju Tanker is holding its first annual general meeting (AGM) after failing to hold AGMs for financial years 2011 and 2012. Included in its agenda is a proposal to retroactively approve the consolidated financial reports for both 2011 and 2012 and to approve bonds that were issued by a subsidiary in 2010. Those bonds appear to have been partly responsible for the Company’s entering into restructuring after defaulting on its obligations. Notably, the Company has also disclosed the auditor for its 2013 financial statements, which is rare among Indonesian companies. Further, the identities of the nominees for the election of directors and commissioners have been disclosed ahead of the meeting, which is extremely uncommon in Indonesia. Although this company has provided noteworthy disclosure in its notice of meeting, it nonetheless faces serious financial issues that may imperil its very existence.
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