Dec 4, 2010

Matahari to distribute Rp1 trio dividend

Giant retailer PT Matahari Putra Prima Tbk (MPPA), that is controlled by Lippo Group, aims to distribute an interim dividend of Rp1 trillion to its shareholders.
MPPA President Director Benjamin J. Mailool said the dividend distribution is based on the company's better performance than the target set before. The company posted Rp5.7 trillion net profit by end of September of this year.
"This will prove our strong commitment to enhance shareholders' value," he said.
By distributing dividend scheduled on January 10 2011, Lippo's arm PT Multipolar Tbk (MLPL) will obtain Rp500 billion cash.
MAAP Director and Corporate Secretary Danny Konjongian said previously the company set Rp8.5 trillion revenue by the end of 2010.
"Considering the omzet during Idulfitri, we have upgraded the target to Rp9,5 trillion," he said.
In 2011, MPPA eyes more than Rp10 trillion revenue with Rp400 billion net profit. It enables to reach the target if MPPA could control Hypermart, contributing more than 90% revenue to the company.
MPPA has obtained proposed acquisition from 4 world's retail players, one of them is Lotte Shopping Co Ltd. So far, the potential buyers are underway to hold due diligence with the announcement expected in January 2011.

Disclosure: No position at the stock mentioned above. 

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