A Coal Mining Company Owned By Eka Tjipta Widjaja Conglomerate Distributes IDR 1.8 Trillion Dividends

JAKARTA - A coal mining company, PT Golden Energy Mines Tbk, distributed dividends of USD 125 million for the fiscal year 2021. At an exchange rate of IDR 14.500 per US dollar, the dividend is equivalent to IDR 1.8 trillion.

This decision was agreed upon at the Sinar Mas Group's Annual General Meeting of Shareholders (AGMS) which was held on Thursday 6 May. Golden Energy Corporate Secretary Mines Sudin said that the company owned by the late Eka Tjipta Widjaja conglomerate will distribute dividends of USD 125 million which will come from the company's net profit for the 2020 financial year and un-reserved retained earnings from the 2020 financial year.

"The amount of the final dividend comes from the remaining net profit of the company for the financial year 2020 amounting to USD 42 million and from the unreserved profit balance from the 2020 financial year amounting to USD 32.06 million", said Sudi as quoted from his official statement, quoted on Friday 7. May.

The final dividends of USD 20 million and USD 30 million respectively have been distributed as interim dividends and have been paid out to all shareholders as of December 22, 2020, and January 15, 2021.

Therefore, the remaining amount is USD 75 million, which is agreed to be distributed as the final dividend for the 2020 financial year or in the amount of USD 0.01275 per share. This amount is equivalent to IDR 184 per share, using Bank Indonesia's middle rate as of May 5, 2021, amounting to IDR 14.431 per US dollar.

For information, the issuer coded GEMS shares posted a net profit attributable to the parent entity of USD 98.77 million US dollars in 2020. Apart from being a dividend, shareholders decided to use USD 1 million of net income as a mandatory reserve and the remaining USD 49.8 million in retained earnings.