Danamon pays Rp 568.8b dividend

Danamon pays Rp 568.8b dividend

JAKARTA: Bank Danamon said it would pay out some 60 percent of
its Rp 948 billion (about US$112 million) net profit from 2002 in
dividend payments.

The decision was reached during an annual shareholders meeting
on Wednesday, the first since a consortium led by Singapore's
Temasek Holdings Ltd. acquired the bank's 51 percent stake
earlier this month.

Danamon president Arwin Rasyid said that the dividend payment
meant that shareholders would get Rp 20.9 per share. The bank's
2002 profit represented a 31 percent rise compared to the year
before.

Following the acquisition, the Indonesian Bank Restructuring
Agency (IBRA) still owns a 48 percent stake in the publicly
listed bank and the general public holds the remainder. Danamon
is currently one of the country's top ten banks. -- JP