MNC Conducted AGMS 2007 and EGMS
2008 - Jakarta, 22 Apr 2008
PT Media Nusantara Citra Tbk (MNC or the Company) today conducted its Annual General Meeting of Shareholders (AGMS) to report on the financial results for the year ended 31 December 2007.
The yearly financial report was well accepted and ratified as well as approved in the AGMS. The Board of Directors and the Board of Commissioners were also granted the full release and discharge (acquit et de charge) from their operational and supervisory duties conducted during the financial year ended 31 December 2007.
At the same time, MNC also conducted its Extraordinary General Meeting of Shareholders (EGMS) in relation to the amendment of its Articles of Association to comply with the recently stipulated Limited Liability Company Law No. 40 / 2007.
AGMS decided to utilize a portion of the Company's net income to be paid as dividend in the amount of Rp5 per share. While the remaining net income was decided to be recorded as retained earnings to strengthen the Company’s capital.
The above was in line with the Company's dividend policy that calculates dividend payment based on the lower amount of the following:
- 15% of the net income of our subsidiaries in which we have more than 50% ownership for the previous fiscal year; or
- 25% of the aggregate dividends received by the Company from our subsidiaries.
The AGMS also accepted the resignations of Hary Djaja as Commissioner, Hidajat Tjandradjaja as Director, and Stephen K. Sulistyo as Director. In relation to the above matters, the AGMS appointed Muliawan Pahala Guptha and Daniel Tatang Hartono as new members of the Board of Directors. The AGMS also appointed Lucas Chow and Djoko Leksono Sugiarto as new members of the Board of Commissioners.
The new composition of the Board of Commissioners and Board of Directors for 2008 had been established as follows:
President Commissioner : Rosano Barack
Commissioner : Rudijanto Tanoesoedibjo
Commissioner : Lucas Chow
Commissioner : Djoko Leksono Sugiarto
Commissioner : Tito Sulistio
Independent Commissioner : Widya Purnama
Independent Commissioner : Irman Gusman
Group CEO : Hary Tanoesoedibjo
Director : Sutanto Hartono
Director : Agus Mulyanto
Director : Muliawan Pahala Guptha
Director : Daniel Tatang Hartono
Lucas Chow, 54, is one of Singapore's most recognized names in the media and telco businesses. He is currently CEO of MediaCorp, Singapore's leading media company with a complete range of platforms. Prior to joining MediaCorp in 2005, he was Executive VP of SingTel, Singapore's largest telco company. As an active leader in the business and media communities, Lucas chairs many committees and sits on various boards and advisory committees in both the private and public sectors. While, Muliawan Pahala Guptha was previously the Finance Director of PT Cipta TPI (TPI), one of MNC’s subsidiaries, which is a nationwide free-to-air TV network, and Djoko Leksono Sugiarto is a member of the Board of Directors of PT Global Mediacom Tbk, the parent company of MNC. Daniel Tatang Hartono was previously the Sales and Marketing Director of PT Rajawali Citra Televisi Indonesia (RCTI), also one of MNC’s subsidiaries, which is a nationwide free-to-air TV network.
According to Hary Tanoesoedibjo, Group CEO of MNC, "We are delighted to welcome Mr Lucas Chow. He has a broad range of experiences in media, telco, and IT, which are significantly relevant to the businesses of Mediacom-MNC group. We believe his inclusion in our MNC's Board of Commissioners will provide many benefits and will create additional shareholder value".
In addition, both the AGMS and EGMS also approved and granted authority to:
- Determine the salaries and benefits for members of the Board of Directors by heeding advices from the Board of Commissioners.
- Determine the remuneration for the Board of Commissioners.
- Appoint an independent Public Accounting Firm for the fiscal year 2008.
- Amend the Company's Articles of Association based on Limited Liability Company Law No. 40 / 2007.
- Resolved to extend the previously determined execution of EMSOP.
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