JAKARTA - PT Lippo General Insurance Tbk (LPGI) will issue a stock split with a ratio set to 1:10, meaning that one old share will be split into 10 shares with new value.

Satini Kartika Sari, Corporate Secretary of LPGI, said that the stock split will take effect starting next week (17/9). “The number of shares will increase to 3 billion from 300 million shares. The new shares value will also be lowered to IDR 50 each from IDR 500 per share,” Sari said in the information disclosure quoted Tuesday (10/9).

This plan had been approved by shareholders during Extraordinary General Meeting of Shareholders on August 22, and greenlit by Indonesia Stock Exchange (IDX) authority last week (4/9).

Today (10/9), LPGI’s price has steadily climbed since the opening bell. Nearing the end of morning session, LPGI’s stock price was recorded at IDR 3,460 per share.

As of August 2024, LPGI reported total shareholders of 432, up 83 from 349 shareholders recorded in July 2024. The ultimate beneficial of the shares of LPGI is listed as Seung YoungKim. Controlling shareholders took up a portion of 59% of 300 million shares, while non-controllers, 41%. (LK/ZH)