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Press Release
Oct 29, 2021
Jakarta – Two members of Sido Muncul's Board of Commissioners, Young-Taeg Park and Eric Marnandus, have resigned from their positions. The Company officially received the resignation letter and has submitted the information disclosure through SPE.OJK and IDXNet on Friday, October 29, 2021.
Young-Taeg Park is Chairman and Managing Partner of Affinity and Eric Marnandus is Director of PT Affinity Equity Partners Indonesia. Affinity is one of the largest independent private equity firms in the Asia Pacific region with US$14 billion in funds under management.
“As a private equity firm, Affinity needs to consider various options as part of its strategic review of its portfolio of invested companies and this resignation is in line with Affinity's Good Corporate Governance process. The structure of the Board of Directors is still the same and composes of solid and professional management members. So far, the Company has proven its professionalism in running the business and consistently achieved its targets. I believe that the entire Board of Directors, Board of Commissioners, and management will continue to develop good business operations and corporate governance, so that the Company is increasingly in demand and trusted by all stakeholders,” explained Eric Marnandus.
There is no significant impact on this resignation for the Company. With this resignation, the composition of Independent Commissioners in Sido Muncul's Board of Commissioners has increased to 50% from 38% previously. "This is also in line with the Company's goal to continue to improve better corporate governance," continued Eric Marnandus.