Dian Kuswandini, The Jakarta Post, Jakarta | Fri, 06/27/2008 10:06 AM | Business
Shareholders of state gold and nickel mining company PT Aneka Tambang (Antam) approved Thursday a dividend payment of Rp 2.05 trillion (US$223 million) and a reshuffle of its board of directors.
The Rp 215.23-per-share dividend payout represents 40 percent of the company's 2007 net profits of Rp 5.1 trillion, Antam's new president director, Alwin Syah, said Thursday after a shareholders meeting.
Antam booked a 231 percent increase in net profit last year from Rp 1.55 trillion in 2006.
Alwin, previously the company's operational director, replaced Dedi Aditya Sumanegara.
"Antam needs a huge amount of money this year to finance its projects in the near future," Alwin said of the company's future programs.
One of its main projects is to acquire Australian-based Herald Resources Ltd., which, according to Alwin, is awaiting a final offer.
"We're currently calculating the best bidding price to acquire Herald. I can say this project has a very good prospect. However, if the prices are too high, there's a fear it will no longer be economical for the company," Alwin said.
The planned acquisition is part of Antam's goal to diversify its business into other mineral commodities to reduce dependence on nickel. Nickel accounted for 80 percent of the company's sales last year, or Rp 12 trillion, up from Rp 5.6 trillion a year earlier.
Partnering with Shenzen Lingnan Nonfernet Co. of China, Antam is competing with PT Bumi Resources to control Herald's Dairi lead and zinc mine in North Sumatra.
In addition to Alwin, shareholders also approved a shake up involving other top positions.
Djaja M. Tambunan has been appointed the new financial director, the new operational director is Winardi, the new development director is Tato Miraza, the new human resources director is Achmad Adianto and Denny Maulasa has been appointed general affairs and corporate social responsibility director.
Shareholders of state gold and nickel mining company PT Aneka Tambang (Antam) approved Thursday a dividend payment of Rp 2.05 trillion (US$223 million) and a reshuffle of its board of directors.
The Rp 215.23-per-share dividend payout represents 40 percent of the company's 2007 net profits of Rp 5.1 trillion, Antam's new president director, Alwin Syah, said Thursday after a shareholders meeting.
Antam booked a 231 percent increase in net profit last year from Rp 1.55 trillion in 2006.
Alwin, previously the company's operational director, replaced Dedi Aditya Sumanegara.
"Antam needs a huge amount of money this year to finance its projects in the near future," Alwin said of the company's future programs.
One of its main projects is to acquire Australian-based Herald Resources Ltd., which, according to Alwin, is awaiting a final offer.
"We're currently calculating the best bidding price to acquire Herald. I can say this project has a very good prospect. However, if the prices are too high, there's a fear it will no longer be economical for the company," Alwin said.
The planned acquisition is part of Antam's goal to diversify its business into other mineral commodities to reduce dependence on nickel. Nickel accounted for 80 percent of the company's sales last year, or Rp 12 trillion, up from Rp 5.6 trillion a year earlier.
Partnering with Shenzen Lingnan Nonfernet Co. of China, Antam is competing with PT Bumi Resources to control Herald's Dairi lead and zinc mine in North Sumatra.
In addition to Alwin, shareholders also approved a shake up involving other top positions.
Djaja M. Tambunan has been appointed the new financial director, the new operational director is Winardi, the new development director is Tato Miraza, the new human resources director is Achmad Adianto and Denny Maulasa has been appointed general affairs and corporate social responsibility director.
