Stock split for Texmaco subsidiaries<\/p>\n
JAKARTA (JP): Three listed subsidiaries of the Texmaco Group
\n-- PT Polysindo Eka Perkasa, PT Texmaco Jaya and PT Texmaco
\nPerkasa Engineering -- will split their shares in January to
\nimprove the liquidity of stock trading on local exchanges.<\/p>\n
The business group announced Thursday that the stock split
\nplan was approved by shareholders in extra-ordinary meetings held
\nseparately in the Central Java cities of Pekalongan and Semarang
\non Wednesday.<\/p>\n
Marimutu Sinivasan, chairman of the Texmaco Group, said that
\nthe share split is expected to improve the liquidity of the
\ntrading of the three companies' shares on the Jakarta and
\nSurabaya stock exchanges.<\/p>\n
Polysindo, a manufacturer of polyester fiber, synthetic
\nchips and yarn, will cut the par value of its shares to Rp 500
\nfrom Rp 1,000 each at present.<\/p>\n
In addition to the share split, the shareholders also
\napproved a proposal to issue a bonus in the form of a new share
\nfor every four old shares held by existing holders, he said.<\/p>\n
Sinivasan said that the shareholders also approved the
\ndistribution of a cash dividend of Rp 93.75 per share and three
\ndividend shares for every four old shares.<\/p>\n
Polysindo, listed on the Jakarta Stock Exchange in 1991,
\nbooked a net profit of around Rp 89 billion (US$41.4 million) in
\nthe first nine months of 1994, a 21 percent increase from the
\nsame period of last year.<\/p>\n
Textile firm<\/p>\n
Texmaco Jaya, the manufacturer of finished textile products,
\nwill also split the par value of its shares and issue three bonus
\nshares for every five old shares.<\/p>\n
The company's extra-ordinary meeting held in Pekalongan also
\napproved a proposal to pay share and cash dividends to existing
\nshareholders.<\/p>\n
The share dividend will be in the form of a new share for
\neach five old shares while the cash dividend will amount to Rp 25
\nper share.<\/p>\n
Texmaco Perkasa, a producer of textile-related machines,
\nalso plans to carry out a stock split and to issue bonus stocks
\nas well as share and cash dividends.<\/p>\n
The bonus shares will be in the form of three new shares for
\nevery 100 old shares and the share dividend in the form of 13 new
\nshares for every 100 old shares, while the cash dividend will
\namount to Rp 16.25 per share.<\/p>\n
The three companies will all halve the par values of their
\nshares from Rp 1,000 at present to Rp 500 (US$23 cent), thereby
\ndoubling the number of their issued stocks. Consequently, this
\nwill also halve their respective share prices.<\/p>\n
Sinivasan said that bonus shares will be issued from the
\ncompanies' agioes (gains from the increase in share prices during
\ntheir initial public offering), while the share dividends will be
\nissued from retained earnings.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/stock-split-for-texmaco-subsidiaries-1447893297",
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