Lautan Luas splits shares

Lautan Luas splits shares

JAKARTA (JP): Shareholders of chemical components distributor
and manufacturer PT Lautan Luas approved on Tuesday the company's
plan to split shares and increase its authorized capital.

The company said the share split would enable trading of its
shares to be more liquid. In addition the share price would be
more affordable to local investors.

After the 1:2 split, the company would have a total of 780
million shares traded in the market.

Lautan Luas shares gained Rp 50 on Tuesday to close at Rp
1,600.

The shareholders also approved a proposal to increase the
company's authorized capital from Rp 200 billion (about US$24.7
million) to Rp 600 billion. The move is in anticipation of the
expansion of its paid-up capital, which currently stands at Rp
195 billion.

The company is expected to make a net profit of at least Rp 80
billion this year, compared to last year's net profit of Rp 93
billion.

Lautan Luas, listed on the Jakarta and Surabaya Stock
Exchanges, produces and distributes more than 1,000 types of
chemical components to more than 2,000 industrial customers.
(udi)