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The Company pays dividends based on the financial condition of the Company and the Company's income, taking into consideration the Company's business plans, funding requirements for new investments, appropriate reserves and working capital requirement for the ensuing fiscal year. Dividends are approved at the Annual General Meeting of Shareholders.
At the Annual General Meeting of Shareholders on August 24, 2021, the shareholders unanimously approved for the Company to distribute cash dividends of IDR 250, or a total of IDR 200.2 billion out of the Company's profits and retained earnings for the financial year ending December 31, 2020. This represents a 161.4% pay-out ratio which was 35.9% lower than the IDR 312.3 billion dividends declared the previous year.
In compliance with regulations, the appropriation of cash dividends from the Company's profits for the financial year ending December 31, 2021 will be tabled for approval at the Annual General Meeting of Shareholders in 2022.