JAKARTA. PT Chandra Asri Petrochemical Tbk (TPIA), a petrochemical product distributor for various manufacturing industries, will split its stock value with a ratio of 1:4.
With this ratio, TPIA’s stock value will be cut down to IDR 50 per share from the initial IDR 200 per share.
The stock split plan had been approved during the Extraordinary General Shareholders Meeting held last week. Specifically, 99.99% of TPIA’s shareholders that were present in said meeting gave the green light for the suggested arrangement.
In the official announcement, the management of TPIA claimed that this corporate action will boost the company’s stock liquidity, making TPIA’s stock more affordable to investors, especially retail ones.
“Therefore, we hope that the number of interested investors in Chandra Asri will rise,” the management added in the official release.
Furthermore, in said meeting, the present shareholders also appointed Prapote Stianpapong as a new member of the Board of Directors, replacing Somkoun Sriwattagaphong starting October 1, 2022. (KR/ZH)