JAKARTA. PT Indointernet Tbk (EDGE), an IT service provider, will conduct a stock split with a ratio of 1:5.

Donauly Elena Situmorang, Corporate Secretary of EDGE, said that after this stock split, each share will have a new face value of IDR 10 from the initial IDR 50 per share. Meanwhile, the total outstanding shares (free float) of the company will proliferate to 2.02 billion shares from the previous 404.5 million shares.

So far, EDGE has reportedly obtained principal approval from Indonesia Stock Exchange (IDX).

Situmorang added that this corporate action is conducted, indeed, in order to meet IDX’s requirements of minimum free float. Furthermore, Situmorang mentioned in the information disclosure that, “the company’s stock price will become more affordable for retail investors, and the number of company’s shares will increase.”

The management of EDGE will hold a General Meeting of Shareholders to ask for approval regarding a stock split. The meeting is scheduled to take place on October 25, 2023, while the stock split itself is projected to follow on November 15, 2023.

According to IDNFinancials data, as of now, approximately 59.10% of EDGE’s shares are under the control of Digital EDGE (Hong Kong) Limited. Otto Toto Sugiri also owns another 16.56%, followed by Han Arming Hanafia of 7.45%, Bing Moniaga of 6.44%, and public investors of 10.45%. (KR/ZH)