Summarecon pays dividends

JAKARTA (JP): PT Summarecon Agung, a property company listed on the Jakarta and Surabaya stock exchanges, announced here yesterday their plan to distribute interim dividends worth Rp 625 (around 30 U.S. cents) per share.

The company said the dividends, which will be taken from the company's retained earnings in 1993, will be distributed in the form of cash and new shares.

The cash dividends will amount to Rp 125 per share, while the stock dividend of Rp 500 will be paid in the form of one share for each two existing shares held by shareholders.

The dividends will be distributed early in January 1995 to shareholders who were registered before 4:00 p.m. on Nov. 11, 1994.

Summarecon, which is currently developing a number of expensive residential areas including Gading Serpong Damai in Tangerang, projects a 47 percent increase in sales to Rp 230 billion (US$107 million) this year. Net earnings are estimated to rise by 36 percent to Rp 41 billion.(hen)