Tunas Ridean to split stocks

JAKARTA (JP): Publicly listed motor vehicle distributor PT Tunas Ridean said on Friday it would cut the nominal value of its shares to Rp 100 from Rp 500 at present.

The company said the share split, which would increase the number of the company's shares by 400 percent, would be made to improve the liquidity of the stock on the stock market.

The company also said its shareholders had approved the management's proposal to issue bonds to finance business expansion, slated for the second semester of this year.

Tunas Ridean booked a consolidated net revenue of Rp 343.3 billion in the first quarter of this year, up 263 percent compared to the same period last year.

It attributed the huge increase in revenue to the increased sales of new cars to 2,188 vehicles during the first three months of this year, from only 355 in the same period in 1999.

The company added that it would distribute a Rp 28 cash dividend for each share on July 5. (udi)