JAKARTA. PT Asuransi Multi Artha Guna Tbk (AMAG), an insurance company under Fairfax Asia Limited, will distribute cash dividends of IDR148.6 billion or IDR30 per share.

Dinesh Ramu, Director of AMAG, said that the amount of dividends distributed by the company is equivalent to 16.8% of the company's retained earnings. As of December 31, 2023, the company has an unappropriated retained earnings balance of IDR874.75 billion.

"In accordance with the results of the Extraordinary GMS on April 25, 2024," said Ramu, through an information disclosure on the Indonesia Stock Exchange (IDX).

For the record, AMAG scored a net profit of IDR148.07 billion in fiscal year 2023. In the Extraordinary GMS held, shareholders agreed to set aside IDR 3 billion of the net profit as a reserve fund. Shareholders also agreed not to distribute dividends from the net profit for the 2023 fiscal year. However, cash dividends are taken from the company's retained earnings balance.

"The remaining retained earnings after deducting the cash dividend will be used for investment and working capital," said Peggy Wystan, Director of AMAG, in an official statement a few days ago.

Cash dividends will be paid to AMAG shareholders, whose names are registered at the time of the recording date on May 8, 2024. Payment of cash dividends is scheduled for May 22, 2024. (KR/LM)