PT Miwon approves dividends

JAKARTA (JP): The shareholders of PT Miwon Indonesia, a major publicly-listed producer of food seasonings, yesterday approved the management's proposal to pay a dividend of Rp 28.5 (1.2 U.S. cents) per share.

Speaking at a press conference after yesterday's shareholders meeting, a company director, Bhakti Salim, said that the dividends will total Rp 2.4 billion (US$1.04 million) or 29 percent of the company's 1995 net profits.

He said his company posted an increase of 104.3 percent in net profits to Rp 8.4 billion last year against Rp 4.1 billion in 1994.

According to Bhakti, the company's total sales increased by 21 percent from Rp 105.1 billion in 1994 to Rp 127.24 billion last year.

"The increase in total sales was a result of rising prices and the sales volume of monosodium glutamate (MSG) and dry glutamic acid (DGA) on the local and foreign markets," he said.

He said his company expects its net profits to increase by 31 percent to Rp 11 billion this year and its total sales by 17.5 percent to Rp 150 billion.

"During the first quarter of this year we already gained a net profit of Rp 2.5 billion," he said.

The company, which currently produces food seasonings, flavored table salt and jelly powder, is now trying to diversify its business interests into the production of mineral water, sauces, confectionery, yeast, packaging and printing.

"This expansion will be realized next year," Bhakti said, without giving further details.

Miwon Indonesia is 42.35 percent owned by Miwon Co., Ltd and 14.12 percent by Sewon Co., Ltd., both of South Korea, 13.41 percent by PT Intiputra Fikasa, 0.71 percent by Kayo Salim and 29.41 percent by the investing public. (13)