JAKARTA - PT Asuransi Ramayana Tbk (ASRM) will initiate the stock split with ratio set to 1:4, meaning that one share will be split into 4 shares of new value. The issuer expects this stock split to increase demand for ASRM’s shares.

Adi Ratna Punggawa, Corporate Secretary of Asuransi Ramayana, confirmed that the stock split will take place on May 22, 2023, after holding General Meeting of Shareholders on April 23. “ASRM’s total shares after the stock split will rise to 1.21 billion from the previous 304.28 million shares,” Punggawa added in the information disclosure quoted Friday (15/3).

After the stock split, ASRM’s stock value will be lowered to IDR 120 per share from the previous IDR 500. With smaller value, the stock price will become more affordable, thus allowing expansion in ASRM’s investor base.

Throughout the beginning of this year, ASRM’s stock has not been popular in the market transaction. Yesterday (14/3), it was traded at IDR 1,600 per share.

As of February 2024, the stock was recorded at 304.28 million shares, with shareholder structure consisting of Wirastuti Puntaraks of 11.64%, Korean Insurance of 10%, Syahril of 31.51%, A Winoto Doeriat of 19.17%, PT Ragam Venturindo of 10.57%, and the public of 17.01%.

The controlling party owns 31.51% of the shares, while non-controllers claim the remaining 68.49%. Syahril, President Director of ASRM was listed as the ultimate beneficial owner of the shares. (LK/ZH)