JAKARTA – PT Modern Internasional Tbk (MDRN) fails to obtain approval from shareholders regarding the plan of divestment and security of over 50% of its assets.

Based on the information disclosure quoted Tuesday (7/2), Martino, Corporate Secretary of Modern Internasional, claimed that the meeting was joined by the holder of 5.59 billion shares, approximately 73.29% of entire issued shares. "The quorum, which is set to 3/4 of the entire issued shares of the company, was not met," he explained.

According to Martino, the Extraordinary General Shareholders Meeting only managed to discuss the change in its articles of association.

In the previous Annual General Shareholders Meeting, the shareholders agreed upon the comprehensive net profit in 2021 of IDR 126.93 billion. However, they also agreed not to distribute dividend.

MDRN is indeed faced with financial difficulties. Since 2019, the equity of this property developer has been at a consecutive deficit. (LK/ZH)