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)