Jakarta. Chandra Asri held its annual general shareholders meeting in Jakarta on Wednesday.

“The meeting approved the distribution of cash dividends using part of the funds from 2021 retained earnings. It also agreed to change the use of the 2021 retained earnings,” the company’s statement reads.

The meeting proposes that the remaining net profit for the 2021 financial year, which has been attributed to the previous financial year, be attributable to the owner of the parent entity. This amounts to around $43,121,187 or equivalent to 28.35 percent of the 2021 net profit. About $30 million will be given as additional cash dividends to the company’s shareholders. The remaining $13,121,187 will remain recorded as retained earnings to finance the company’s business activities.

The meeting also discussed a feasibility study on plans to add business activities to increase the company's development and income in 2024, one of which is by adding business activities for making a “bag film roll”. BFR is a heavy-duty bag (a product designed to handle heavy loads), which is highly needed by the petrochemical, oleochemical, as well as food and beverage industries.

Chandra Asri also participates in the development of the seaport services industry, docks, and storage facilities. In this business unit, there will be a spin-off to a subsidiary whose shares are 99.99 percent owned by the company, namely PT Chandra Pelabuhan Nusantara (CPAT). The separation sought to provide several benefits.

“The benefits include optimization of asset management by CPAT, acceleration and diversification of business development by CPAT, potential for strategic collaboration by CPAT to create added value for CPAT and the group, as well as potential strategic collaboration with partners to improve performance finance and creating added value for shareholders.

“We have approved the appointment of members of the company’s board of commissioners and directors effective from the end of this meeting until the closing of our annual general shareholders meeting in 2027,” the statement reads.

The SCG Chemicals Public Company Limited has proposed 2 new members to the board of commissioners: Mongkol Hengrojanasophon and Chantanida Sarigaphuti. The meeting also discussed the use of proceeds from several corporate actions, namely the public offering and bonds:

Limited Public Offering III 2021

The company received an effective statement from the Financial Services Authority (OJK) on August 20, 2021, with a principal amount of Rp 15.5 trillion. Based on the 2023 report, the company has not used the funds. The company is planning to use the funds to finance Chandra Asri Perkasa’s construction of an integrated petrochemical complex.

Chandra Asri Petrochemical Continuous Sustainable Bonds IV Phase III 2023

The company received an effective statement from the OJK on July 29, 2022. The bond issuance had a principal amount of Rp trillion with a tenor of 3, 5 and 7 years. According to the 2023 report, the net funds obtained have been fully realized in accordance with the planned use of funds.

Chandra Asri Pacific Sustainable Bond IV Phase IV 2024

The company received an effective statement from the OJK on July 29, 2022. The bond issuance has a principal amount of Rp trillion with tenors of 3, 5, and 7 years. Based on the Realization Report on the 2024 report, the net funds obtained have been fully realized in accordance with the planned use of funds