Intiland Held Annual General Meeting of Shareholders

On July 15th, 2020, property developer PT Intiland Development Tbk held the annual general meeting of shareholders (Rapat Umum Pemegang Saham, or RUPS) for the fiscal year ended December 31st, 2019. All shareholders gave their agreement to all items on the agenda in the annual RUPS held in Intiland Tower Jakarta.

Director of Capital Management and Investment of Intiland, Archied Noto Pradono, stated that during the annual RUPS the Company proposed six items to be ratified by all shareholders. These items included Approval of the Annual Report and the Ratification of the Balance Sheet and Profit Loss Calculation for the fiscal year that ended on 31st December, 2019, the appointment of a public accounting firm, and the remuneration of the Board of Commissioners and Directors.

Aside from these items, all shareholders have agreed to the changes within the Board of Commissioners and Directors as well as to the use of the net income of Rp. 251.4 billion.

“We expressed our gratitude to all the shareholders who gave their approval to all the items on the agenda as proposed by the management,” said Archied.

With regard to the change in composition of the Directors and Board of Commissioners, Deputy President Director of the Company Sinarto Dharmawan took on a new position as President Commissioner. The composition of the Board of Commissioners was also strengthened by the appointment of Friso Palilingan as an Independent Commissioner.

Previously, Friso Palilingan served on the Company’s Audit Committee since 2013. He has long experience in finance and accounting. The recipient of a master’s degree in accounting from Kwik Kian Gie School of Business, he has also served as a Partner at PKF Indonesia and as a member of the Financial Accounting Standards Board at the Indonesian Institute of Accountants.

Considering the the Covid-19 pandemic situation and this year’s business plan, the Company decided to postpone the distribution of dividends on profits earned in 2019. All net income earned by the Company will be used as retained earnings of Rp. 249.4 billion with the remaining Rp. 2 billion as mandatory backup.

Archied acknowledged that the property industry was one of the sectors most affected by the Covid-19 pandemic. Signifiant numbers of consumers and property investors tend to wait for conditions to improve and choose to postpone purchases.

“Almost all developers face considerable challenges, including the impacts from the Covid-19 pandemic. Although market purchasing power remains, consumers choose to postpone purchases or investments. Property sales are still dominated by the end user market, especially in the lower middle segment,” said Archied.

In the midst of the current challenges in the property industry, the Company still managed to maintain its business performance. Until the end of the first quarter of this year, the Company posted operating revenues of Rp. 830.6 billion, down 6.4 percent compared to the first semester of 2019, valued at Rp. 887.6 billion. The decrease