JAKARTA. Shareholders of PT Jembo Cable Company Tbk (JECC) have granted approval regarding the plan of stock split in the Extraordinary General Meeting of Shareholders (EGMS) held last week.

The corporate action plan, which has been prepared since April 2024, was approved by 90.46% of total shares of JECC with valid votes. The stock split ratio was also approved according to the initial plan, using 1:5 ratio.

With this ratio, the company’s face value will shrink to IDR 100 per share from the previous IDR 500 per share. Then, the authorised capital of the company will increase to 3 billion shares from the previous 600 million shares, as would the issued and paid-up capital to 756 million shares from 151.2 million shares.

EGMS has also granted approval to the board of directors to state the outcome of the meeting in a notarial deed to be acted upon according to applicable law in Indonesia.

According to IDNFinancials data, JECC’s stock price went down 760 points or 16.70% within the past year of trading. However, since the beginning of this year, the company’s stock price has gone up 1,360 points or 55.97%.

Until May 6, 2024, 79.68% of JECC’s shares were under the control of PT Monaspermata Persada. Then, PT Indolife Pensiontama has another 17.58%, followed by Fujikura Ltd of 13.51%, Fujikura Asia Limited 6.49%, and the remaining 9.85% belonged to public investors. (KR/ZH)