12 listed companies to hold quasi reorganization

JAKARTA: 12 listed companies intend to hold quasi reorganization this year following a plan to revoke over quasi regulation by early next year. Such repeal aims to adjust domestic regulation with the latest international accounting standard.Indonesia's Capital Market and Financial Institution Watchdog (Bapepam-LK) recorded that such 12 companies consist of five listed companies in service sector and seven companies in real sector.Those 12 companies has only addressed their intention to Indonesias market authority, said Bapepam-LK Head of Corporate Financial Assessment Bureau for Service Sector Gonthor Ryantori Azis.At our bureau, there are 5-7 companies addressing their intention to hold such quasi reorganization. It is merely an intention, not yet an execution as it will not be easy to realize this, he said in Jakarta yesterday.Quasi reorganization is an attempt to restate a companys balance sheet without holding true reorganization or corporate restructuring. Instead, the company will reassess its assets and liabilities at a favorable level as it shall also eliminate negative balance.Previously, Gonthor disclosed that of more than 400 companies listed in Indonesia Stock Exchange, around 55 companies potentially undertake quasi reorganization.PT Bakrie & Brothers Tbk (BNBR) delayed its quasi reorganization plan until second semester of 2011 since regulators perceived BNBR as barely eligible for such action.The quasi plan of PT Barito Pacific Tbk is still hampered as well. Senior Vice President Investor Relations of PT Barito Pacific Tbk Agustino Sudjono said that the company is ready to complete any necessary documents. (T02/NOM)