LINK NET CONCLUDES ANNUAL GENERAL MEETING OF SHAREHOLDERS--SHAREHOLDERS APPROVE RECORD DIVIDEND PAYMENT OF RP674 BILLION, A 60% DIVIDEND PAYOUT RATIO OF NORMALIZED NET EARNINGS--SHAREHOLDERS APPROVE APPOINTMENT OF NEW DIRECTOR AND NEW COMMISSIONER
April 26, 2019
PT Link Net Tbk (“Link Net” or the “Company”; stock code: “LINK”) has successfully concluded its annual general meeting of shareholders on Friday morning the 26th of April. Shareholders approved to pay a record high dividend of Rp674 billion for FY18, equating to a 60% dividend payout ratio (DPR) of normalized Net Profit. The dividend payout will be Rp232 per share based on existing shares excluding treasury stock. The proposed dividend of Rp674 billion is Rp170 billion more and an absolute +34% increase from Link Net’s FY17 dividend of Rp503 billion.
Link Net management believe that the Company’s Board of Directors and Commissioners needs to be representative of the make up of the share register and be comprised of both financial and technically skilled professionals.
Shareholders have approved the appointment of Desmond Poon to Link Net’s Board of Directors. Desmond has distinguished himself as Link Net’s Chief Technology Officer (CTO), a role which he has held for the past 8 years. He played a key role in growing the business from 550,000 home passes and 193,000 subscribers in 2011 to 2,200,000 home passes and 595,000 subscribers in 2018. He oversees the product planning, as well as engineering and operations of the company. Prior to joining Link Net, he was the Vice President of Network Engineering in Starhub in Singapore, where he held similar responsibilities.
Shareholders have approved the appointment of Suvir Varma as a commissioner on Link Net’s Board of Commissioners. Suvir knows Link Net well having served the company as an Independent Director up until the AGMS. He is an ex Senior Partner of Bain & Company, where he led the firm’s business focused on Financial Investors across Asia Pacific. He has more than 20 years of experience across consulting and finance-related roles focusing on strategic developments and operational improvements. We warmly welcome both Desmond and Suvir to our Board of Directors and Board of Commissioners and look forward to utilizing their robust skills and expertise across our business.
Shareholders accepted the resignations of Henry Riady from the Board of Directors and Ali Chendra from the Board of Commissioners. We thank both of them for their service on Link Net boards. Likewise Shareholders accepted the resignation of Suvir Varma as an Independent Director due to his appointment to the Board of Commissioners.
Jonathan Parapak will assume the role of President Independent Commissioner.
About PT Link Net Tbk
PT Link Net Tbk ("Link Net"), owns and operates a high-speed broadband network in Indonesia, offering high speed internet and cable tv to both residential and enterprise clients.
Learn more at www.ir.linknet.co.id
For further information, please contact:
Head of Investor Relations
PT Link Net Tbk
Tel: +62 812 911 77785