The Annual General Meeting of Shareholders (“AGM”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 26 April 2019 concurred and approved the Directors’ Report on the Company’s business achievements and financial results for the fiscal year 2018. The Directors reported that the Company recorded a total 2018 gross sales of Rp 17.9 trillion, up 2.1% over 2017 with same store sales growth (SSSG) of 3.5%. 2018 net income before impairment was Rp 1.9 trillion, equivalent to 10.5% of sales, whilst net income after impairment was Rp 1.1 trillion.

The AGM approved the use of its 2018 net income as follows: Rp 933.6 billion or 85% of 2018 net income (50% of net income before impairment) for cash dividend, to be paid on 29 May 2019. The balance of Rp 163.7 billion will be recorded as retained earnings.

The AGM also confirmed the composition of the Company’s Board of Directors and Board of Commissioners below.

Board of Directors:
President Director : Bunjamin J. Mailool
Vice President Director (Independent) : Richard T. Gibson
Director : Christian Kurnia
Director : Andre Rumantir

Board of Commissioners:
President Commissioner (Independent) : John Bellis
Vice President Commissioner (Independent) : Roy Nicholas Mandey
Commissioner : Rudy Ramawi
Commissioner : John Riady
Commissioner : William Travis Saucer

The AGM also has approved the the Company’s plan of additional shares buyback with the maximum of 3% of the Company’s paid up and issued capital or a maximum of 87,537,542 shares, so that the Total Shares Buyback is up to a maximum of 10% of the Company’s paid up and issued capital or a maximum of 291,791,808 shares. The additional shares buyback will be executed in maximum 18 (eighteen) months after the closing of today’s AGM until 25 October 2020.

“The Company’s shares buyback program is part of the Company’s effort to improve shareholders’ value and shares performance of the Company that will give greater flexibility to the Company in managing its capital to achieve a more efficient capital structure. For the execution of the initial and additional shares buyback, the Company will spend a maximum of Rp 1.4 trillion”, said Richard Gibson, Vice President Director and CEO of the Company. The price of Shares Buyback will be limited up to a maximum of Rp13,330,- (thirteen thousand and three hundred thirty rupiah) per share or in accordance to Financial Services Authority Regulation number 30/POJK.04/2017 regarding Buyback of Shares that Has Been Issued By Public Company.