JAKARTA. PT Tembaga Mulia Semanan Tbk (TBMS), a copper wire and wire product manufacturer, will carry out a stock split with a ratio of 1:2.

The management of TBMS said that this corporate action is expected to increase stock liquidity of the company in Indonesia Stock Exchange (IDX). “The company does not issue other equity-based securities other than shares,” the management asserted in their official disclosure.

After this stock split, TBMS’s shares will rise to 734.68 million shares from the initial 367.34 million. On the other hand, the face value will be halved to IDR 25 per share from the previous IDR 50 each.

TBMS has secured principal approval from the stock exchange regarding the stock split. The last transaction day with old value in the regular and negotiation market is set to February 13, 2024, while transactions using new value in the regular and negotiation market will start on February 14, 2024.

However, the management of TBMS will first ask for approval from its shareholders regarding the stock split plan. The Extraordinary General Meeting of Shareholders is scheduled to take place on January 3, 2024. (KR/ZH)