Indonesia Inco: Won't Pay 08 Div Due To "Mkt Conditions"
JAKARTA, Apr 20, 2009 (Dow Jones Commodities News Select via Comtex) --
individual.com
PT International Nickel Indonesia (INCO.JK), or PT Inco, Monday said it won't pay a dividend for 2008 due to current market conditions.
"Shareholders represented at the company's Annual General Meeting... approved that no dividend be declared for 2008. The decision was made in light of current market conditions. At the same time, the company is taking care of its future, and investing in large capital projects and developments to help PT Inco grow and operate cost effectively and in an environmentally responsible manner," the company said in a statement.
The statement said PT Inco shareholders also approved a $250 million short-term revolving loan agreement with parent Vale International S.A., which will allow Inco to "increase its working capital."
In 2007, PT Inco paid a dividend of USD0.2264, or about IDR2,428 a share, a company official said.
PT Inco is majority-owned by Vale Inco Ltd., a unit of Brazilian mining company Vale International S.A.
-By Reuben Carder, Dow Jones Newswires; 62 21 3983 1277; Reuben.Carder@dowjones.com
(END) Dow Jones Newswires
04-20-09 0239ET |
