TUGU MANDIRI SEEKING CAPITAL INJECTION

Jakarta, 13 Dzulqa’dah 1435/8 September 2014 (MINA) –Life insurer PT Asuransi Jiwa Tugu Mandiri is currently trying to find additional capital to improve the company’s capital structure in line with the minimum standards set by the financial watchdog, Financial Services Authority (OJK, Otoritas Jasa Keuangan).

Tugu Mandiri director M. Krisna Syarif confirmed that his company was waiting for the shareholders’ decision on how to comply with the OJK’s ruling and solve the capital problems, The Jakarta Post quoted by Mi’raj Islamic News Agency (MINA) as reporting.

Krisna revealed that several prospective investors, both domestic and foreign, had expressed interest in buying the insurance company’s shares. The OJK has last week warned that it will freeze Tugu Mandiri’s business if fails to increase its capital by the deadline.

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Tugu Mandiri’s major shareholders are Dana Pensiun Pertamina, a pension fund under state-owned oil firm PT Pertamina, state-owned tin company PT Timah and PT Tugu Pratama Interindo, which hold 51.99 percent, 29.59 percent and 17.19 stakes, respectively.(T/P009/P3)

Mi’raj Islamic News Agency (MINA)