JAKARTA. PT Midi Utama Indonesia Tbk (MIDI), a retail issuer that manages the Alfamidi and Alfaexpress minimarket networks, will carry out a stock split with a ratio of 1:10.

The corporate action plan has received approval from the General Meeting of Shareholders (GMS) which was held on February 17, 2023. So far, the company has set a stock split implementation schedule.

The end of trading for shares with the old nominal value on the regular market and negotiations is scheduled for March 3, 2023, as well as for the cash market on March 7, 2023. Furthermore, the start of trading for shares with a new nominal value on the cash market will be held from March 8, 2023.

Prior to the stock split, the nominal value of MIDI's shares was IDR 100 per share. Meanwhile, the number of outstanding shares of the company was recorded at 2.88 billion shares.

After the stock split, the nominal value of MIDI shares will be reduced to IDR 10 per share. Meanwhile, the number of outstanding shares of the company will increase to 28.82 billion shares.

According to data from idnfinancials.com, MIDI's share price closed at IDR 3,990 per share in today's trading. In the past year, the share price of this subsidiary of PT Sumber Alfaria Trijaya Tbk (AMRT) has risen 96.55% or 1,969 points. (KR/LM)