JAKARTA. PT Sekar Laut Tbk (SKLT), a processed food manufacturer, will initiate a stock split, setting the ratio to 1 to 10.

John Gozal, Director of SKLT, mentioned that this corporate action will reduce the face value of shares to IDR 50 each from the previous IDR 500 per share. Meanwhile, the total number of shares post-stock-split will rise to 6.9 billion shares from the initial 690.74 million.

“The board of directors notices that the company’s stock has consistently increased along with the company’s growth and yearly increase of net profit,” Gozal explained in the official statement.

In addition to this, Gozal said that this corporate action is intended to make SKLT’s stock more affordable to the public.

SKLT will first ask for approval from its shareholders in General Meeting of Shareholders that has been scheduled to take place on November 22, 2022. The stock split itself is projected to take effect on December 5, 2023. (KR/ZH)