Business Context and Reporting Period
This Form 6-K filing by Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk ("TELKOM") covers the month of June 2003. The report details a significant corporate governance update regarding the company's compliance with U.S. Securities and Exchange Commission (SEC) requirements for its Annual Report on Form 20-F.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a press release regarding auditor appointment and does not contain financial statement data.
Material Changes
- Auditor Replacement: TELKOM appointed KAP Drs. Hadi Sutanto & Rekan, PriceWaterhouseCoopers ("PwC") as its auditor for the 2002 consolidated financial statements for U.S. SEC filings.
- Reason for Change: PwC replaces KAP Eddy Pianto - Grant Thornton, which failed to meet the U.S. SEC's qualification standards for audit firms.
- Legal Counsel: On June 5, 2003, TELKOM appointed the New York law firm Skadden, Arps, Slate, Meagher & Flom LLP to assist with U.S. SEC and related issues.
Guidance, Outlook, and Management Commentary
TELKOM President Director Kristiono stated that the company looks forward to PwC starting work immediately to complete an audit complying with U.S. SEC requirements. The company expects the audit to take approximately 2 to 3 months. TELKOM intends to maintain close contact with the U.S. SEC, the NYSE, and relevant Indonesian and international regulators during this period until the amended Form 20-F is filed.
Investor Verification Checklist
- Verify the finalization of the engagement terms between TELKOM and PwC.
- Monitor the timeline for the completion of the 2002 audit (estimated 2-3 months from June 2003).
- Track the filing of the amended Form 20-F with the U.S. SEC.
- Confirm ongoing communications between TELKOM and the NYSE regarding listing compliance.