A Tower Company Owned By The Conglomerates Edwin Soeryadjaya And Sandiaga Uno Earned IDR 1 Trillion Profit In 2020

JAKARTA - PT Tower Bersama Infrastructure Tbk (TBIG) decided not to distribute dividends from net profit in 2020. The company allocates the net profit earned in the 2020 financial year for retained earnings and general reserves.

This decision has been approved by the shareholders who were present at the Annual General Meeting of Shareholders (AGMS) which was held on Friday, 28 May.

TBIG's Finance Director and Corporate Secretary Helmy Yusman explained that TBIG's financial statements and annual report for the financial year ending on December 31 2020 had been received, approved, and ratified at the AGMS.

"The AGM has approved IDR 500 million of the company's net profit for the 2020 financial year to be allocated to general reserves and the remaining value to be allocated to retained earnings", Helmy said in his statement.

For information, TBIG's profit rose 23.1 percent in 2020 to IDR 1 trillion. In 2019, the net profit of the tower company owned by the conglomerates Edwin Soeryadjaya and Sandiaga Uno was only IDR 819.45 billion.

In addition to regulating the use of net income, in this AGMS TBIG authorized the Board of Commissioners to appoint a Public Accountant to audit the financial statements for the financial year ending on December 31, 2021.

The Board of Commissioners is also given the authority to determine salaries and allowances for members of the Board of Directors as well as salaries or honoraria and allowances given to the Board of Commissioners for 2021.