Suba Indah's stock split

JAKARTA (JP): Publicly-listed PT Suba Indah food and beverage company will split its stock in light of its upcoming rights issue to raise about Rp 337.5 billion (US$37.5 million) fresh funds for new investment.

The company announced on Tuesday that it would issue 675 million new shares with a par value of Rp 500 in its rights issue to partly finance its Rp 523.8 billion corn processing plant in Cilegon, West Java.

The corn plant project, slated to come on stream in 2002, will have a daily processing capacity of 1,000 metric tons, thereby creating a stable market for corn growers in West Java.

Suba Indah's director Ibnu.S said that those registered as shareholders of the company as of July 14 would be entitled to the rights shares.