PT Miwon approves dividends

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)