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Indonesia : INDONESIA'S ADARO ENERGY distributes cash dividend of $75 million

April 28, 2014

Adaro said in a statement, stockholders of coal miner Adaro Energy agreed to a last cash dividend payment of $75.17 million for the 2013 financial year, which is equivalent to 32.51% of 2013's total income.

Adaro s president director, Garibaldi Thohir said, Our 2013 results demonstrate: in good times or bad times, we deliver. Despite the cyclical downturn we continue to create maximum long-term value from Indonesian coal. As we have done every year since our IPO initial public offering in 2008, and as we will continue to do, we will pay a cash dividend to our shareholder.

Adaro, one of Indonesia s biggest coal miners, posted a huge decline in profit in 2013 on falling international coal costs.

Total income fell 40% to $229 million in 2013 from a year earlier, as its revenue decreased 12% to $3.3 billion.

The miner made 52.3 million tons of coal in 2013, an increase of 11% from 2012, but the average coal selling cost, which declined 19% in 2013, dragged down profitability.

The yearly general meeting of shareholders, held in Jakarta on 25 April 2014, approved using the remaining $153.75 million from 2013 total income as retained earnings.

The AGM approved the appointment of Siswanto Prawiroatmodjo onto the board of directors till April 2016.

Since 2013, Siswanto, has been a commissioner at Astra Otoparts, an automotive parts maker arm of Astra International, having before served as president director since 2009.

Siswanto has experience in other Astra International units, serving as executive vice president director of Astra Honda Motor during the years 2007-09.

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Source: TendersInfo (India)