JAKARTA. PT Bank Negara Indonesia (Persero) Tbk (BBNI), one of state-owned banks, is scheduling a stock split, setting the ratio to 1:2.

With this amount of stock split, the number of issued and paid-up capital will rise to 37.29 billion shares from the initial 18.64 billion shares. Meanwhile, the number of (series C) shares in the portfolio will also increase to 31.71 billion units from the previous 15.85 billion.

BBNI had previously requested approval from its shareholders regarding the stock split back on July 24, 2023. The company had also gained principal approval from Indonesia Stock Exchange (IDX) on July 26, 2023.

The management of BBNI said that this corporate action is carried out in order to raise the demand for the company’s stock by expanding its investor base. “The stock split will turn the company’s stock price to be more affordable for retail investors,” the management said mentioned in the official statement.

As of June 30, 2023, approximately 60% of BBNI’s shares were owned by the state. Then, another 26.1% belonged to foreign investors, followed by domestic investors of 9.1%, and retail investors of 4.8%.

On today’s (14/8) session in IDX, BBNI was opened at IDR 9,125 per share. Up to 9.35 AM WIB, it gained 1.37% stance, growing 125 points to IDR 9,225 per share. (KR/ZH)