JAKARTA - PT Gowa Makassar Tourism Development Tbk (GMTD) will initiate a stock split with a ratio of 1:10, meaning that dividing one share into 10 new shares.

In the information disclosure quoted Tuesday (7/11), A. Eka Firman Ermawan, Corporate Secretary of Gowa Makassar Tourism Development, said that after this stock split, the number of shares will grow to 1.01 billion shares from the initial 101,538,000 shares. The value of each share will be lowered to IDR 50 each from the previous IDR 500 per share.

According to Ermawan, this corporate action plan will need approval from shareholders, scheduled to be obtained on December 13, 2023. Then, within six months after the approval was granted, the company agreed not to initiate another corporate action that will affect the number of shares of the capital structure of the company.

In the past week, GMTD’s stock remained stagnant at trading sessions. It was closed at IDR 14,850 per share dated June 19, 2023. (LK/ZH)