Indofood plans stock split

JAKARTA (JP): Publicly listed food giant PT Indofood Sukses Makmur will carry out a five-for-one stock split to improve the liquidity of the company's stock trading on the stock exchange.

Indofood president Eva Riyanti Hutapea said here on Thursday that the stock split would reduce the nominal value of the shares to Rp 100 from Rp 500 at present.

She said the recent issuance of Indofood Rp 1 trillion five- year bonds was oversubscribed by almost 100 percent.

Investors subscribing to Indofood bonds include banks (25 percent of the total amount offered), insurance companies (24 percent), pension funds (18 percent) and others (33 percent), Eva said.

The bonds, carrying a fixed coupon rate of 16 percent per annum, will be listed on the Surabaya Stock Exchange on July 24. (udi)