Intinusa to split stock

JAKARTA (JP): Shareholders of publicly listed granite producer PT Intinusa Selareksa approved yesterday the company's plan to split its stock while halving the nominal value of its shares from Rp 1,000 to Rp 500.

Company president Ignatius Budihalim said in a statement yesterday that the split would double the company's number of shares to 49.04 million.

The aim of the split is to increase the liquidity of its stock in the market, he added.

He said demand for granite in the domestic market declined sharply in the fourth quarter last year due to the monetary crisis.

To balance the decline, the company will seek to boost its exports by looking for new markets in Singapore, Malaysia, Hong Kong, Taiwan, China and Australia, he said. (aly)