JAKARTA – PT Cemindo Gemilang Tbk (CMNT), the manufacturer of Merah Putih cement, postpones the distribution of stock options of 224 million shares included in the Management and Employee Stock Option Plan (MESOP). This stock option issuance will be pushed back one year from its original schedule since the initial public offering in September 2021.
Tony Liu, President Director of Cemindo Gemilang, mentioned that delaying the new stock options programme is the right step, as this plan might backfire to minority public shareholders. “Particularly due to the stock price that has yet to reach the level estimated by the management prior to IPO, affected by the high price of raw materials,” he explained in the information disclosure quoted Wednesday (21/9).
The stock option distribution in the Phase I of MESOP, involving 35% of the stock, will take place no later than 24 months instead of 12 months. The Phase II, also involving 35% of the stock, will take place no later than 36 months instead of 24 months. Likewise, the Phase III, involving 30% of the stock, will be postponed to 48 months from the initial 36 months.
“The change in the stock option distribution period will still pay attention to the valid period of five years,” Liu added. (LK/ZH)