Trias to split shares, restructure debts<\/p>\n
SURABAYA (JP): Publicly listed packaging paper producer PT
\nTrias Sentosa won the approval of its shareholders on Wednesday
\nto split its stocks in a bid to improve the liquidity of the
\ncompany's shares on the stock market.<\/p>\n
The shareholders also allowed the management to take all
\nactions needed to restructure its US$150 million debts.<\/p>\n
Company secretary Wiriyanto said on Wednesday one Rp 500 per
\nvalue share would be split into five shares each with a nominal
\nvalue of Rp 100 to boost stock liquidity.<\/p>\n
"The split will raise the number of total shares to 1.4
\nbillion from 288 million at present," he said following the
\ncompany's shareholders meeting.<\/p>\n
The company had total debts of Rp 1.13 trillion (about US$134
\nmillion at the current rate) as of December, last year, 17.7
\npercent lower than the figure in the same period of 1998.<\/p>\n
Wiriyanto said the company was still negotiating the debt
\nrestructuring with the creditors.<\/p>\n
The shareholder meeting also agreed to pay a cash dividend of
\nRp 59.55 per share for 1999.<\/p>\n
Wiriyanto said the company, which is listed on the Surabaya
\nStock Exchange, expected sales to reach Rp 500 billion this year
\ndue to an estimated sharp increase in production. (nur\/07)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/trias-to-split-shares-restructure-debts-1447893297",
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"sponsor": "Okusi Associates",
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