Matahari to distribute cash and bonus dividends

Matahari to distribute cash and bonus dividends

JAKARTA (JP): PT Matahari Putra Prima, a department store
chain listed on the Jakarta and Surabaya stock exchanges, will
distribute a cash dividend of Rp 100 per share and two bonus
shares for each existing stock.

Antonius Hanifah Komala, the company's financial director,
told reporters after its annual and extraordinary meetings here
yesterday that the dividends will be given to those listed as
shareholders.

"Shareholders can take their dividends on July 14," he said.

He acknowledged that the issuance of the bonus shares, each
carrying a nominal value of Rp 1,000, will lower the price of
Matahari shares on the capital market from their current levels.

The price of Matahari shares on the Jakarta Stock Exchange
(JSX) increased to Rp 8,000 yesterday from Rp 7,650 on Friday.

Antonius said the issuance of bonus shares will raise the
company's paid-up capital from Rp 50.1 billion to Rp 150.3
billion but its equity will remain at its current level of Rp
176.8 billion.

He said the company's after-tax profit increased by 85 percent
from 1992 to Rp 20.72 billion last year, while its net revenues
rose 26.6 percent to Rp 592.18 billion.

He claimed Matahari will expand its operations by opening
eight department stores in cities such as Tangerang and Bandung
in West Java, Padang in West Sumatra, Manado in North Sulawesi
and Ujungpandang in South Sulawesi.

The company currently operates 45 stores across the
archipelago.

Antonius said the fire which razed its store in Pasar Baru,
Central Jakarta, last December cost the company Rp 2.5 billion.

But the company received Rp 2 billion in compensation from its
insurer, he said. (02)