In accordance with the laws and regulations in Indonesia and the Company's Articles of Association, dividend payments must be approved by the shareholders at the annual GMS based on the recommendation of the Board of Directors.
Based on the provisions of the Company's Articles of Association, if the Company records a net profit in a financial year, the Company can distribute dividends to shareholders based on the recommendation of the Board of Directors with the approval of the GMS.
By taking into account (i) operating results, cash flow, capital adequacy and financial condition of the Company and its Subsidiaries in order to achieve optimal growth rates in the future; (ii) the obligation to fulfill the formation of a reserve fund; (iii) the obligations of the Company and its Subsidiaries based on agreements with third parties (including creditors); and (iv) compliance with applicable laws and regulations and approval from the GMS; starting from the financial year in which the Company listed its shares on the Stock Exchange, the Company's management plans a dividend payout ratio of up to 45% of the Company's consolidated net income each year.