JAKARTA. PT Indospring Tbk (INDS), a company engaged in automotive component sector, will initiate a stock split with a ratio of 1:10 on July 4, 2024.

Said ratio will bring INDS’s total shares to 6.56 billion from the current 656.24 million shares. The value, however, will decrease to IDR 100 per share from the previous IDR 1,000 per share.

Bob Budiono, Director and Corporate Secretary of INDS, mentioned that the company had secured principal approval from Indonesia Stock Exchange (IDX) on April 16, 2024. The company will ask for approval from its shareholders during the General Meeting of Shareholders set to June 12, 2024.

“The purpose and intention behind this stock split is to increase liquidity of the company’s stock,” added Budiono in his official release.

According to IDNFinancials data, INDS was seen weakening 30 points or 1.46% to IDR 2,020 per share until 2.37 PM WIB. Since the beginning of this year, the stock has shifted 470 points or 18.88% down. (KR/ZH)