JAKARTA. Stock Split Ratio of PT Saratoga Investama Sedaya Tbk. (SRTG) is defined as 1:5. With reference to the time of the last cum on 17 May 2021 at an exchange rate of IDR 5,600, the theoretical price is IDR 1,120.
The announcement of the SRTG stock split on the Indonesia Stock Exchange stipulates that the theoretical price adjustment, the number of shares resulting from the stock split and changes in the parameters of the SRTG shares in JATS will be carried out on 18 May 2021.
Another stipulation is the SRTG share price at the end of Cum on the Regular Market with an old nominal value of IDR 100, - per share on May 17, 2021, recorded at IDR 5,600. Thus the theoretical price for bargaining guidelines and calculation of the Stock Price Index on the Indonesia Stock Exchange and the SRTG Individual Stock Price Index (IHS) with a new nominal value of IDR 20, - per share is set at IDR 1,120.
Investor Relations of Saratoga Investama Sedaya, Ryan D Sual, said the stock split was an effort to increase the liquidity of the company’s stock trading. The implementation of the stock split, said Ryan, is in line with the company's market capitalization value which is far below the company's net asset investment value (NAV), where as of February 2021, the NAV value reached US$ 2.6 billion or equivalent to IDR 36.38 trillion, while the capitalization the SRTG market in the position of IDR 15.2 trillion. So that there is a difference between NAV and market capitalization of around IDR 21.12 trillion. "Thus, it can be concluded that the company's stock capitalization is actually 58% below our NAV, or discounted," said Ryan. (AM/LM)