Mar 23, 2011

Sari Roti to distribute IDR24.64 dividend

The Sari Roti-brand bread producer, PT Nippon Indosari Corpindo Tbk plans to divide IDR24.64 per share of cash dividend or 25% of the 2010’s net income as much as IDR100 billion.
Operating Director of Nippon Indosari Yusuf Hadi said that in 2010, Nippon Indosari recorded 26% sales gain to IDR612 billion.
“The management proposes 25% profit sharing from 2010’s net income during the extraordinary meeting of shareholders,” he said after such meeting today. 
The listed bread producer also constructed two factories outside Java, in Palembang and Makassar along with one factory in Cibitung. 
“We estimate that one factory may contribute IDR70 billion-IDR80 billion, then we multiply it by three factories. Thus, in total we may generate IDR240 billion,” he said. 
The fund to finance such construction was derived from the internal cash and banking loan. “We still seek the fund. One thing for sure, we cancel the bonds issuance as we have withdrawn the request letter to the Capital Market and Financial Institution Supervisory Agency,” he said. 
In the meantime the remaining proceed of the initial public offering was spent to construct one new factory in Cibitung, West Java last year, totaling IDR140 billion. 
Yusuf said that the new factory shall be built in 2 hectare area. This year, Nippon Indosari has also completed the construction of two factories in Semarang, Central Java and Medan, North Sumatra. The company allocated IDR70.44 billion or 37.50% of the IPO’s proceed to finance such construction.

Disclosure: No position at the stock mentioned above.

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