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null PT PABRIK KERTAS TJIWI KIMIA Tbk (Company/TKIM) : TKIM ISSUES DIVIDENDS Rp 25 PER SHARE

PT PABRIK KERTAS TJIWI KIMIA Tbk (Company/TKIM) : TKIM ISSUES DIVIDENDS Rp 25 PER SHARE

In accordance with the provisions of the Company’s Articles of Association, PT Pabrik Kertas Tjiwi Kimia Tbk held an Annual General Meeting of Shareholders (AGMS) and an Extraordinary General Meeting of Shareholders (EGM) on August 25, 2020 at the Grand Hyatt Hotel, Jl.MH. Thamrin No.Kav 28-30, Jakarta, where the following decisions were made:

AGMS:

  1. Approval of the Yearly Report of the Board of Directors and the Supervisory Report of the Board of Commissioners for the financial year that ended on December 31, 2019, as well as approval and ratification of the Company’s Consolidated Financial Statement for the financial year that ended on December 31, 2019, which were audited by Independent Public Accountant Y. Santosa & Rekan, as well as the granting of full release of responsibility to members of the Board of Directors and Board of Commissioners for their actions and management and supervision that were conducted in the 2019 financial year (Acquit et de charge).
  1. As stated in the Company’s Consolidated Financial Statement for the year ending in December 31, 2019, the nett profit attributable to the owner of the parent entity was valued at US$ 16,5 million, or profit per share that can be attributed to the owner of the parent entity was valued at US$ 0,0535. The total net profit was used for:
    • US$ 1.000.000 (one million United States dollars) or equivalent to Rp 14.653.000.000 (fourteen billion six hundred and fifty three million rupiah) in accordance with the Bank of Indonesia exchange rate on July 31, 2020 to be designated as a reserve to comply with the provisions in Article 70 of the Limited Liability Company Law number 40 of 2007 which will be used in accordance with article 28 of the Company’s Articles of Association.
    • Rp 77.830.589.250 (seventy seven billion eight hundred and thirty million five hundred and eighty nine thousand two hundred and fifty rupiah) or equivalent to US$ 5.318.113,38 (five million three hundred and eighteen thousand one hundred and thirteen point thirty-eight United States dollars) in accordance with the Bank of Indonesia Exchange rate on July 31, 2020 to be distributed as cash dividends to the shareholders of the Company, or cash dividends per share of Rp 25 (twenty five rupiah).
    • The remaining net earnings after tax will be included as retained profit.
    • Power and/or authority was granted to the Company’s Board of Directors to further regulate the procedures for the payment of cash dividends. Dividend payments will be made within the time stipulated in Article 58 of OJK Regulation No. 15/POJK.04/2020 with due observance of tax provisions, Indonesia Stock Exchange regulations and other applicable capital market regulations.
  1. Approved the granting of authority to the Company’s Board of Commissioners to appoint an Independent Public Accountant to audit the Company’s books for the 2020 financial year as well as the granting of authority to the Company’s Board of Directors to determine the honorarium of the Independent Public Accountant to be appointed.
  1. a. Approved the granting of authority to the Company’s Board of Commissioners to determine the amount of salary, honorarium and/or allowances for members of the Company’s Board of Directors for the 2020 financial year and;

b. Approved the granting of authority to the Company’s Board of Commissioners to determine the amount of salary, honorarium and/or allowances for each member of the Company’s Board of Commissioners for the 2020 financial year, at least at the same level as that received in 2019, with reference to the recommendations of the Nomination and Remuneration Committee.

  1. Agreed to cancel  the fifth Meeting agenda, which concerned changes in the composition of the members of the Company’s Board of Commissioners and Directors.

 

EGM:

Approved changes to article(s) in the Company’s Articles of Association, which among other things involves adjusting the provisions of POJK Number 15/POJK.04/2020 regarding Plans and Implementation of General Meetings of Shareholders of Public Companies and POJK Number 16/POJK.04/2020 regarding the Implementation of General Meetings of Shareholders of Public Companies Electronically and other related regulations.

The Company explained that the Company's consolidated net Sales had decreased from US$ 1,055.8 million in 2018 to US$ 1,047.1 million in 2019, a fall of 0.8%. The Company's consolidated operating profit decreased from US$ 39.6 million in 2018 to US$ 26.2 million in 2019, a drop of 33.8%. The Company's consolidated net profit decreased from US$ 245.7 million in 2018 to US$ 166.5 million in 2019, down by 32.2%.

For the 6-month period which ended on 30 June 2020, the Company's consolidated net sales amounted to US$ 450.1 million, a decrease of 22.1% compared to those in the 6-month period ending on 30 June 2019 which amounted to US$ 577.7 million. Meanwhile, the consolidated net profit for the 6-month period which ended on 30 June 2020 was US$ 89.6 million, a decrease of 14.4% compared to net profit in the 6-month period which ended 30 June 2019 which amounted to US$ 104.7 million. 

 

 

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