Danamon pays Rp 568.8b dividend

Thu, 22 May 2003 | Source: AGENCIES

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

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