Trias to split shares, restructure debts

SURABAYA (JP): Publicly listed packaging paper producer PT Trias Sentosa won the approval of its shareholders on Wednesday to split its stocks in a bid to improve the liquidity of the company's shares on the stock market.

The shareholders also allowed the management to take all actions needed to restructure its US$150 million debts.

Company secretary Wiriyanto said on Wednesday one Rp 500 per value share would be split into five shares each with a nominal value of Rp 100 to boost stock liquidity.

"The split will raise the number of total shares to 1.4 billion from 288 million at present," he said following the company's shareholders meeting.

The company had total debts of Rp 1.13 trillion (about US$134 million at the current rate) as of December, last year, 17.7 percent lower than the figure in the same period of 1998.

Wiriyanto said the company was still negotiating the debt restructuring with the creditors.

The shareholder meeting also agreed to pay a cash dividend of Rp 59.55 per share for 1999.

Wiriyanto said the company, which is listed on the Surabaya Stock Exchange, expected sales to reach Rp 500 billion this year due to an estimated sharp increase in production. (nur/07)