Astra Graphia pays dividend

JAKARTA (JP): Shareholders of PT Astra Graphia, publicly listed diversified technology company, approved in an annual shareholders meeting here on Tuesday the management's proposal to pay a dividend of Rp 1 per share for the 1999 financial year.

The company's corporate secretary Handoyo Gunawan said that the company could not pay more than Rp 1 per share as part of its debt restructuring deal with creditors.

"The company is allowed to pay more than Rp 1 only after it settles at least 50 percent of its US$82.26 million debt (as of December, 1999). The release date will be in 2002," he said.

Astra Graphia, a subsidiary of automotive giant PT Astra International, reported a consolidated net profit of Rp 50.20 billion (about US$6.7 million) in 1999 as compared to a net loss of Rp 31.87 billion in 1998.

The company's earning per share was Rp 384 for 1999, a turnaround from negative Rp 244 per share in the previous year.

In the meeting, the shareholders also agreed with the management's proposal to use the company's assets as collateral for its debts. (hen)