Petronas to pay government RM27BILLION dividend

KUALA LUMPUR- Petroliam Nasional Bhd (Petronas) is paying some RM27 billion as dividend to the government this year, said its president and chief executive officer Tan Sri Shamsul Azhar Abbas.

"We have basically agreed with the government that the 2013 dividend will be RM27 billion, compared with RM30 billion in the previous year.

"On the dividend policy, it's going back to the board.

"We will sit down and discuss this at the end of this month. We will work it out," he said at a briefing on Petronas' fourth quarter and 2012 financial results, here, yesterday.

He was asked to comment on the amount of dividend to be paid to the government this year and Petronas' dividend policy.

Petronas said in a statement that during this financial year, the group paid a dividend of RM27.5 billion out of the approved tax exempt final dividend, under Section 84 of the Petroleum (Income Tax) Act 1967, of RM280,000 per ordinary share amounting to RM28 billion in respect of the financial period ending December 31 2011.

Of the remaining RM539 million dividend to be paid, RM343 million was paid on February 22, 2013, while the balance of RM196 million is expected to be paid in the financial year ending December 31 2013.

The directors proposed a tax exempt final dividend, under Section 84 of the Petroleum (Income Tax) Act 1967, of RM270,000 per ordinary share amounting to RM27 billion in respect of the financial year ended December 31 2012 for shareholders' approval at the forthcoming annual general meeting.

The financial statements for the current financial year do not reflect this proposed dividend.

Such dividend, if approved by the shareholders, will be accounted for in equity as an appropriation of retained profits in the financial year ending December 31 2013.

On top of this, Petronas executive vice-president (finance) Datuk George Ratilal said the company will contribute RM2 billion to the National Trust Fund.

It paid RM1 billion in 2011.

-btimes.com