Indo Tambangraya distributes nearly 100% dividend, appoints new CEO

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JAKARTA (TheInsiderStories) – PT Indo Tambangraya Megah Tbk (IDX:ITMG), a subsidiary of Thailand’s Banpu Plc and one of Indonesia’s largest coal producer, said its shareholders have approved the board’s plan to distribute nearly 100 percent of the company’s 2015 net profit as dividend.

The company’s director Yulius Gozali said at a press conference after holding annual shareholers meeting (AGM) on Monday afternoon that the company distributes dividend of US$63.05 million.

In 2015, the company posted net profit of US$63.1 million, dropped 69 percent from US$201 million in previous year. The remaining net profit of US$50,000 will be used as retained earnings.

The company has paid dividend of US$57.98 million as interim dividend or Rp752 per share on October 26, 2015.

The shareholders also approved the appointment of new President Director Kirana Limpaphayom, replacing Pongsak Thongampai. Pongsak, in return, is appointed as a new commissioner member of the company.

In 2015, the company produced 28.5 million tons of coal, while sales volume in 2015 reached 28.2 million. In 2016, the company set production volume target of 26.9 million and sales volume target of 28.5 million tons. Large portion of its coal sales are sold to India, China and Japan and only small portions are sold in domestic market.

ITMG is 65 percent owned by Banpu Minerals (Singapore) Pte ltd, and the public 35 percent.

The company also said it is looking to acquire mining assets in Kalimantan and Sumatera, but declined to disclose the target companies. (*)

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Source: The Insiderstories
Indo Tambangraya distributes nearly 100% dividend, appoints new CEO

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