Despite Rp575 Billion Loss, Plaza Indonesia Manager Led By Syahrini Rosano Barack's In-laws Willing To Divide Dividend Of Rp304 Billion

JAKARTA - The manager of Plaza Indonesia, PT Plaza Indonesia Realty Tbk (PLIN) will distribute dividends to its shareholders worth Rp304.07 billion. Each shareholder of the company led by Rosano Barack will receive Rp86/share of cash dividends for the 2020 financial year.

This dividend distribution was carried out even though in 2020 the company suffered a loss. This dividend is taken from the company's retained earnings as of December 31, 2020.

In an information disclosure released by Plaza Indonesia on the Indonesia Stock Exchange (IDX), quoted on Sunday 6 June, the dividend distribution was decided at the 2020 Annual General Meeting of Shareholders (RUSPT) which was held on Wednesday 2 June.

For information, in the company's financial statements ending on December 31, 2021, Plaza Indonesia has a total retained earnings of IDR 10.65 trillion. The value of Rp284 billion is retained earnings that have been determined to be used and Rp9.34 trillion which has not been determined.

Plaza Indonesia recorded a net loss attributable to the parent entity aka a net loss of IDR 575.18 billion in the 2020 period. Even though in 2019, they still recorded a net profit of IDR 532.69 billion.

PLIN's revenue fell 37.24 percent last year to Rp927.50 billion from the previous Rp1.48 trillion. In fact, the company was able to reduce expenses, especially the financial burden which was drastically reduced from Rp. 117.65 billion to Rp. 4.88 billion.

However, this loss pressure was also due to an adjustment in the fair value of investment properties which reached minus Rp1.02 trillion from the previous positive Rp87.95 billion. The investment property appraisal was carried out by KJPP Rengganis, Hamid & Partners, an independent appraiser registered with the OJK.

Meanwhile, if you issue an adjustment to the fair value of investment properties, the profit before the adjustment will reach Rp450.46 billion from the previous Rp535.26 billion.

As of December 2020, PT Plaza Indonesia Investama (PII) held 96.61 percent of PLIN's shares, the remaining 2.99 percent of other investors (public) under the free float provision (minimum public shares) of 7.5 percent.

PII is the controlling company. PLIN's official website notes that PLIN's President Commissioner, Franky Oesman Widjaja, the second generation of tycoon Eka Tjipta Widjaja (founder of the Sinarmas Group), also serves as PII's President Commissioner.

In addition, Rosano Barack, who is also the father-in-law of the famous artist Syahrini, also serves as the President Director of PII. Syahrini is the wife of Rosano's son, Reino Ramaputra Barack.