DBS Perusahaan Gas Negara To held AGM on 23 June 2009

(Fully Valued; PGAS IJ; Rp3,000; TP Rp2,603)

The newspaper reported that in the upcoming EGM of Perusahaan Gas Negara (PGAS) to be held on 23 June 2009, the Indonesian Government as the majority shareholder of the company might ask a dividend payout of close to 100% from the company’s FY08 earnings.

The secretary from the State-owned enterprises ministry confirmed that the government was indeed expecting a special dividend from PGAS which will be discussed in the upcoming AGM.

PGAS booked a net profit of Rp633bn in FY08, thus assuming a 100% payout will translate to a dividend payment of c.Rp28/share. Noted that PGAS has a total cash balance of Rp5.4tn as of March 2009.