JAKARTA - PT Petrosea Tbk (PTRO) will initiate a stock split with a ratio set to 1:10, meaning one old share will be split into 10 shares with new value. This corporate action will then be asked for approval during Extraordinary General Meeting of Shareholders on December 16.

In the prospectus quoted Thursday (7/110, the number of issued and paid-up capital of PTRO post-stock-split will rise to 10.08 billion from 1 billion shares. At the same time, the shares value will be reduced to IDR 5 from IDR 50 per share.

This plan will be implemented no later than 30 days after obtaining the approval. With this plan on hand, the management of PTRO projects an increase in stock liquidity and transaction frequency of PTRO.

Yesterday (6/11), PTRO was closed at IDR 16,975 per share, with transaction volume of 7.42 million shares, recorded within 7,227 transactions, totalling IDR 128.13 billion. (LK/ZH)