Adaro reappoints BoD, distribute 40% of profit as dividends

The shareholders? meeting of IDX-listed energy firm PT Adaro Energy Tbk on Monday reappointed the firm?s Board of Directors and decided to distribute 40 percent of its 2015 profit as dividends.

In his speech during the shareholders? meeting, Adaro?s President Garibaldi Thohir underlined that the firm continued to demonstrate excellent performance despite the current market downturn.

?Year 2015 was a challenging year for coal. Oversupply coupled with slow demand growth caused coal prices to continue to fall. However, we believe the long term fundamentals for the coal and energy sectors remain strong. Our operations are running well despite challenges in the coal market and volatility in the global economy. We continue to deliver operational excellence with strong performance from our core businesses. In addition, we always strive to provide good returns for shareholders by paying annual dividends. Our focus is to stay in the businesses we built and to continue our contribution to national development,? Thohir said.

Shareholders agreed to use the company?s fiscal year 2015 profit of US$152.44 million for certain purposes, including $1.52 million for reserve fund and $75.49 million, or 49 percent of the profit, to be used to pay cash dividends, which includes the interim cash dividends of $35.18 million paid on Jan. 15, 2016. The remaining amount of $40.30 million will be distributed as final cash dividends. $75.43 million will be appropriated to retained earnings.

The shareholders also approved to dismiss and re-appoint the company?s BoD for the next five year term until the end of the company?s annual general meeting of shareholders in 2021 with the following composition:

President Director : Garibaldi Thohir
Vice President Director : Christian Ariano Rachmat
Director : David Tendian
Director : Chia Ah Hoo
Director : M. Syah Indra Aman
Director : Julius Aslan
Director : Siswanto Prawiroatmodjo

Editing by Johannes Simbolon