Jakarta. The Annual General Meeting of Shareholders (RUPST) of coal miner Adaro Energy Indonesia (ADRO) has approved the distribution of dividends amounting to $400 million (Rp 6.4 trillion) and a share buyback of up to Rp 4 trillion.

Adaro's President Director, Garibaldi Thohir, announced that the shareholders agreed to utilize the company's current year profits for the fiscal year 2023, which amounted to $1.64 billion. Of this amount, $800 million or 48.74 percent will be used for cash dividends. This includes $400 million for interim dividends paid by the company on January 12 and another $400 million for final cash dividends.

Furthermore, the company's current year profit of $841.43 million has been allocated as retained earnings.

Adaro's shareholders also approved a share buyback plan of up to Rp 4 trillion to be carried out within a 12-month period starting from May 16.

ADRO shares closed 1.74 percent lower in Tuesday's trading.

"Thank you to all shareholders for your support and participation in Adaro's development up to this day, enabling us to achieve results that surpass targets with a satisfying level of efficiency. These achievements will support the acceleration of our business transformation towards a larger and greener Adaro Group," said Boy Thohir, as he is commonly known, in an official statement on Wednesday.

Additionally, the shareholders also approved changes in the board of directors. ADRO relieved Chia Ah Hoo from his position as director and appointed Iwan Dewono Budiyuwono as the new director.