NISP revises share value<\/p>\n
JAKARTA (JP): Shareholders of publicly listed PT Bank NISP
\napproved on Friday the management's proposal to increase the
\nnominal value of the bank's shares from Rp 100 (about US$1.20
\ncents) to Rp 250.<\/p>\n
The bank said the decision to change the nominal value of its
\nshares was made after the management of the Jakarta Stock
\nExchange (JSX) rejected the bank's plan to cut the par value of
\nits shares to Rp 100.<\/p>\n
The bank won shareholders' approval in late June to lower the
\nnominal value of its shares to Rp 100 from Rp 500 in a bid to
\nimprove the liquidity of its stock. The move, however, which
\nwould automatically have resulted in a fivefold increase in the
\nbank's shares, was opposed by the JSX.<\/p>\n
The change in the nominal value to Rp 250 would adjust the
\nbank's dividend payment for the 1998 fiscal year from Rp 2.5 per
\nshare to Rp 6.25 per share.<\/p>\n
Bank NISP is one of the few banks which escaped closure or
\ntakeover by the government.<\/p>\n
Bank NISP saw its net profit increase slightly in 1998 to Rp
\n25.15 billion from Rp 24.18 billion the previous year. The bank
\nbooked net profit of Rp 6 billion in the first quarter of this
\nyear. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/nisp-revises-share-value-1447893297",
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