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Ace Oldfields to distribute cash dividends of IDR 1.29 billion

20 May 2022 12:58

JAKARTA. PT Ace Oldfields Tbk (KUAS), a paint brush manufacturer since 1989, will arrange a cash dividend distribution of IDR 1 per share or IDR 1.29 billion in total.

The amount of cash dividends to be paid out by KUAS is equal to 20.9% of the company’s net profit in the fiscal year 2021. For reference, the net profit gained in 2021 was IDR 6.18 billion.

The dividend distribution agenda had been approved during the Annual General Shareholders Meeting of KUAS held last Wednesday (18/5). In the said meeting, the shareholders agreed to allocate the remaining net profit of the company, amounting to IDR 4.89 billion, to reserve funds and the working capital.

The shareholders meeting also discussed the IPO proceeds utilisation collected in October 2021. During its debut, the company managed to raise IDR 76.05 billion.

As of December 31, 2021, IDR 16 billion of the IPO proceeds had been channelled out as a down payment for the land and building acquisition. Then, another IDR 4.51 billion went to the working capital, while approximately IDR 3.53 billion was spent on IPO fees.

Until May 9, 2022, Grace Capital Investment Ltd still controls 27.30% of KUAS, followed by PT Anugrah Prima of 13.86%, PT Bona Deka Java of 9.11%, and public investors of 48.73%. The rest of the shares are divided amongst directors and commissioners of the company. (KR/ZH)

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