Indonesian consumers felt more optimistic in May than they have in the past 17 years, thanks to better job availability and expectations incomes will rise, a survey by the central bank showed on Wednesday (07/06). (Reuters Photo/Dwi Oblo)

Matahari to Distribute Rp 1.2 Trillion in Dividends

BY :TABITA DIELA

MAY 27, 2016

Jakarta. The annual general shareholder meeting of Indonesian retail chain Matahari Department Store approved a plan on Thursday (26/05) to distribute Rp 1.2 trillion ($88 million) in dividends — the equivalent of 70 percent of the company's net income last year.

The meeting also approved the appointment of Johanes Jany as a commissioner and welcomed the former president director of Multi Prima Sejahtera and Multipolar, Eddy Harsono Handoko, as a director.

"[The dividend] shows our commitment to increase our stakeholders' returns," Matahari Department Store vice president director and chief executive Michael Remsen said in a statement.

Remsen mentioned the company's plan to open three more stores this month after opening 11 throughout Indonesia last year. The retail chain currently has 145.

"Management remains optimistic in terms of the sales outlook for the balance of the year and is particularly encouraged by the faster pace of the store openings materializing in 2016," the statement said.

Matahari's gross sales rose 10.8 percent to Rp 16 trillion last year compared to the previous year. The company booked Rp 1.8 trillion net income in 2015, up 25.5 percent from a year earlier.

Board of directors:

President director: Bunjamin J. Mailool

Vice president director: L. Michael Remsen

Director: Andy N. Purwohardono

Director (independent): Andre Rumantir

Director: Eddy Harsono Handoko

Board of commissioners:

President commissioner (independent): John Bellis

Independent commissioner: Jonathan L. Parapak

Commissioner: Sigit Prasetya

Commissioner: Henry Jany Liando

Commissioner: William Travis Saucer

Commissioner: John Riady

Independent commissioner: Herbert Stepic

Commissioner: Niel Byron Nielson

Commissioner: Johanes Jany

Matahari Department Stores and the Jakarta Globe are both affiliated with the Lippo Group.

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