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In accordance with the laws and regulations in Indonesia and the Company’s Articles of Association, dividend payments must be approved by the shareholders at the annual GMS based on the recommendation of the Board of Directors. Based on the provisions of the Articles of Association of the Company, if the Company records net income for a financial year, the Company may distribute dividends to shareholders based on a recommendation from the Board of Directors with the approval of the GMS.
By taking into account (i) operating results, cash flow, capital adequacy and financial condition of the Company and its Subsidiaries in order to achieve optimal growth rates in the future; (ii) the obligation to fulfill the formation of a reserve fund; (iii) the obligations of the Company and its Subsidiaries based on agreements with third parties (including creditors); and (iv) compliance with applicable laws and regulations and the approval of the GMS. The Company’s management plans a dividend payout ratio of up to 40% of the Company’s consolidated net income on annual basis.