Release: Indika Energy to receive $96.6m dividends from Kideco

(16 march 2009)--PT Kideco Jaya Agung (?Kideco?), PT Indika Energy Tbk (?Indika Energy?) 46% subsidiary, has declared dividends payment of US$ 210 million during the company?s Annual General Shareholders Meeting held in Jakarta today.

The approved dividends represent 91.5% of Kideco?s 2008 Net Profit reported.

At the meeting, it is also approved 2008 Financial Statement with reported Net Profit of US$229.4 million on Net Revenue of US$1,081 million.

?Indika Energy, as Kideco?s 46% shareholder, will receive US$ 96.6 million dividens, which will be paid in the month of March and June 2009. This additional cash will definitely continue to strengthen our cash position,? said Arsjad Rasjid, President Director, Indika Energy.

?We are very pleased with Kideco?s better-than-expected performance during 2008. Sales volume reached 21.7mn tons with an average selling prices of US$49.9 per ton, up 46.3% from US$34.1 recorded in 2007. Production also improved to 22 million tons from 20.5 million tons over the same corresponding period,?said Azis Armand, Indika Energy?s CFO.

He also said that Kideco plans to produce 24 million tons this year of which over 80% of the volume is on long term contract and the remaining will be traded on spot. (end of release)