Matahari to Propose 30% Cash Dividend

As announced last week, PT Matahari Department Store Tbk ("Matahari" or "the Company"; stock code: "LPPF") recorded a net profit of approximately Rp1.4 trillion throughout 2019. Today, the Company's Management has decided to propose a cash dividend of 30% of net profit, to be submitted at the upcoming Annual General Meeting of Shareholders ("AGM").

"The dividend will be paid a maximum of one month after the GMS, in accordance with the provisions of the Financial Services Authority. The background to the decision of 30% dividend is the existence of a number of transformation initiatives needed to fully restore Matahari and also the uncertainty of the impact of COVID19. This dividend payout ratio continues to demonstrate our commitment to long-term investors, as well as confidence in our ability to succeed in our programs," said Terry O'Connor, CEO of the Company.