JAKARTA. PT Bank Mandiri (Persero) Tbk (BMRI) will carry out a stock split with a ratio of 1:2.

"Every one old share with a nominal value of IDR 250 becomes 2 shares with a nominal value of IDR 125 per share," wrote BMRI Management, in an information disclosure on the Indonesia Stock Exchange (IDX) today.

The corporate action was carried out to increase the trading liquidity of BMRI's shares on the stock exchange. On the same occasion, BMRI Management also said that this step was taken to expand the distribution of the company's share ownership.

After the stock split, the number of BMRI shares will increase to 128 billion shares. Currently, the number of BMRI shares is recorded at 64 billion shares.

BMRI management will seek approval from shareholders at the Extraordinary General Meeting of Shareholders (EGMS). The meeting agenda is scheduled for March 14 2023. Meanwhile, the start of share trading with a new nominal value is targeted to start April 12 2023. (KR/LM)