JAKARTA. PT Asuransi Dayin Mitra Tbk (ASDM), an insurance company owned by PT Equity Development Investment Tbk (GSMF), will carry out a stock split at the end of this year.

ASDM management said the stock split would be carried out with a ratio of 1:2. This will cause the new nominal value of the company's shares to be reduced to IDR 125 per share, from previously IDR 250 per share. Meanwhile, the number of company shares after the stock split will increase to 384 million shares, from the previous 192 million shares.

However, the company will ask for approval from shareholders through the Extraordinary General Meeting of Shareholders (GMS) which is scheduled for 21 November 2023. The stock split is expected to take place on 15 December 2023.

"The implementation of this stock split was carried out with consideration in order to increase the liquidity of the company's share trading on the Indonesia Stock Exchange (BEI), by increasing the number of shares in circulation," wrote ASDM Management, in its official statement.

Apart from that, said ASDM Management, the stock split was carried out to increase the number of company shareholders. Apart from that, this corporate action was also carried out in order to comply with the free float share provisions. (KR/LM)