Ever Shine's bonus shares

JAKARTA (JP): PT Ever Shine Tex, a textile producer listed on the Jakarta Stock Exchange, will distribute bonus shares and split its stocks.

The company said its shareholders, during their extraordinary meeting yesterday, approved the management's plan of a stock split and bonus shares that will be taken from the capitalization of its agio revenue.

For every 50 shares, the holders will get nine bonus shares.

The stock split will cut the nominal price of shares to Rp 500 (22 U.S. cents) each from the current Rp 1,000.

The company said that after the implementation of the plans, the textile company's total shares will increase to 298,549,440 shares from 126,504,000 at present.

"By the stock split, we create a bigger chance for individual investors to buy our shares so that stock ownership can be extended among the public," said the company.

According to the company, Ever Shine saw its total sales increase last year by 19.5 percent to Rp 162.5 billion, with a net profit of Rp 24.2 billion. (13)