Bentoel issues bonus shares

JAKARTA (JP): Publicly listed cigarette producer PT Bentoel International Investama has won approval from shareholders to pay a cash dividend of Rp 0.25 per share or Rp 125 per 500 shares for 1999 financial year.

The company also said on Wednesday that the shareholders also approved the management's proposal to issue two bonus shares for each existing share.

The cash dividend would be worth Rp 448.87 million, or about 80 percent of the net profit booked in 1999, the company said, adding that the dividend would be paid to shareholders registered as of July 18 at latest.

The company said that the bonus shares, which would have a par value of Rp 50 each would be issued from the capital gain resulting from its initial public offering and rights share issuance several years ago.

The issuance of the bonus shares would increase the company's paid-up capital to Rp 269.32 billion from Rp 133 billion at present.

Bentoel International, formerly known as PT Transindo Multi Prima, booked consolidated pre-tax profits of about Rp 69.5 billion and total sales of about Rp 412 billion during the January-March period.

The company booked a net profit of Rp 553 million in 1999 despite the sharp decrease in its revenues to Rp 48.5 billion from about 81 million in 1998.