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Tuesday, February 22, 2011

AKR Corporindo distribute IDR135 special dividend

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: Sorbitol producer PT AKR Corporindo Tbk will distribute IDR135 per share dividend, harvesting from shares sale of its subsidiary PT Sorini Agro Asia Corporindo Tbk to PT Cargill Foods Indonesia.

AKR Corporindo President Director Haryanto Adikoesoemo said the company will distribute a total dividend of IDR512 billion, scheduled on March 29th.

The dividend, according to him, is representing 30.5% of special income from Sorini which shares coded SOBI sales that been done on December.

"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 IDR3,500. To do so, Cargill has prepared IDR478.97 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 IDR2,783 in the last 90 days before it announced the takeover on December 15th.

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.

After the Sorini sales, AKR Corporindo which shares coded AKRA will focus on oil-gas transportation and manufacturer sector, along with logistics, chemicals, and coal that been eyed as their new business line.

AKR Corporindo now operates several oil-gas station in Sumatra and Kalimantan and give petroleum and manufactur services to several mining companies.(wiw)



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