MATAHARI WILL PROPOSE 30% PAYOUT FOR CASH DIVIDEND

As announced last week, PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) recorded a net income for full year of 2019 of around Rp 1.4 trillion. Today Management has reached a decision to propose a 30% payout for cash dividend to be submitted at the upcoming Annual General Meeting of Shareholders (“AGM”).

“The dividend will be paid maximum one month after the AGM, as in accordance with the Financial Services Authority regulation. The rationale for the 30% dividend is the volume of transformation initiatives needed to restore Matahari to full health and also the uncertainty around the full impact of COVID19. That said, this payout still shows our commitment to long term investors and confidence in our ability to deliver on our programs”, said Terry O’Connor, CEO of the Company.