JAKARTA - PT Trisula Textile Industries Tbk (BELL) has launched a stock split from Rp 100 per share to Rp 20, or five times of new shares.
The corporate action is stipulated in Deed of Meeting Decree No. 13 on July 10, 2020. Through the stock split, the company's shares have increased from 1.45 billion to 7.25 billion.
"This corporate action is part of BELL's effort to maintain stock liquidity. We hope this change can open more access to retail investors with a more affordable share price and improved liquidity," BELL CEO Karsongno Wongso Djaja said in an official statement received by IDNFinancials.com, Thursday (23/7).
In addition, Mr Djaja is also optimistic that the stock split can attract more shareholders. According to him, the corporate action is part of the company's synergy with the Indonesia Stock Exchange (IDX) to attract more public investors.
The final trading day of BELL's shares with the old nominal value in the regular and negotiation markets is on July 30, while the new nominal value will be used starting from August 3. The shares with the new nominal value will be distributed by the Indonesian Central Securities Depository (ICSD) starting from August 5.
In the first quarter of 2020, BELL posted revenue growth of 45% year on year (yoy) to Rp 157.71 billion. During the coronavirus (COVID-19) pandemic, the company produces personal protective equipment (PPE) such as hazmat suits and non-medical masks. (MS)