Astra Agro pays dividend

JAKARTA (JP): Shareholders of the publicly listed PT Astra Agro Lestari approved on Monday the management's proposal to pay a total dividend of Rp 85 (about 1 U.S. cent) per share for the 1998 financial year.

The company paid the interim Rp 60 dividend last November and will pay the remaining Rp 20 dividend on July 5.

The company said the shareholders also approve in the annual shareholders meeting the issuance of one bonus share for every five shares held by existing holders.

Astra Agro's shareholders approved the appointment of Danny Walla as the new president replacing Benny Subianto.

Rini Suwandi, currently the president of Astra International was also appointed as chief commissioner, replacing Theodore Rachmat.

Benny will be promoted to the board of commissioners.

Astra Agro's net profit jumped by 146.6 percent to Rp 223.4 billion in 1998 from Rp 90.6 billion the previous year.

The soaring profit resulted from an increase in net sales to Rp 853.7 billion from Rp 459 billion the previous year.

Sales of crude palm oil (CPO) made up 91.6 percent of the company's revenue last year. (udi)