Sampoerna pays dividend

JAKARTA (JP): Shareholders of cigarette maker PT HM Sampoerna approved on Tuesday the management's proposal to distribute a cash dividend of Rp 500 (about 6 U.S. cents) per share for the 1999 financial year.

Finance Director Eka Dharmajantokasih said the shareholders would only receive Rp 250 of the dividend because the other Rp 250 had been paid as an interim dividend several months ago.

Eka said that the shareholders also agreed to the appointment of several new members on the boards of directors and commissioners.

The new directors include Edward H. Frankel, James P. Bernes and Michael Sampoerna, while the additional members of the board of commissioners include Phang Cheow Hock and former chairman Marzuki Usman.

HM Sampoerna posted sales of 29.7 billion cigarettes in 1999, from 24.7 billion the previous year. In value, its sales in 1999 rose by 59 percent to Rp 7.4 trillion, from Rp 4.65 trillion the previous year. (udi)