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)