Feb 22, 2011

AKR to distribute Rp135/share dividend

Distributor of energy products PT AKR Corporindo Tbk (AKRA) will distribute Rp135 per share dividend, harvesting from shares sale of its subsidiary PT Sorini Agro Asia Corporindo Tbk to Cargill Foods Indonesia.
AKR Corporindo President Director Haryanto Adikoesoemo said the company will distribute a total dividend of Rp512 billion, scheduled on March 29.
The dividend, according to him, is representing 30.5% of special income from Sorini sale. "The dividend announcement reflects our hefty financial position and conviction on prospect of the long term growth," he said in an official statement filed to Indonesia Stock Exchange (IDX) today.
Cargill Foods aims to set a tender offer for the remaining shares of Sorini Agro owned by public share holders at Rp3,500. To do so, Cargill has prepared Rp478.97 billion cash.
Cargill Foods, subsidiary of the US-based Cargill Inc, has offered to buy the remaining shares of Sorini at the higher price than average price at Rp2,783 in the last 90 days before it announced the takeover on December 15.
The tender offer is a mandatory action by Cargill Foods, following a 85.01% stake acquisition in Sorini worth IDR2.2 trillion from AKR Corporindo and UOB Kay Hian Private Ltd-Client.
AKR is a distributor of energy products, including refined petroleum products in Indonesia. AKR supplies non-subsidized petroleum products, like high speed diesel, fuel oil and industrial oil, to many customers, in mining, industrial, power, and bunker sectors.

Disclosure: No position at the stock mentioned above.
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