Shareholders of Indonesia’s PT Semen Gresik approved Thursday a stock split plan to improve trading liquidity of the company’s shares on the Jakarta Stock Exchange.
"We plan to split one existing shares to ten," Gresik’s President Director Dwi Soetjipto told reporters after a meeting of shareholders.
Semen Gresik is the largest cement maker by output in Indonesia.
He said that the stock split plan will be executed "soon".
The Indonesian government owns 51.01% of Gresik, Blue Valley Holdings Pte. Ltd. has a 24.90%, and the remaining is held by the public.
Total outstanding shares of Gresik is now at 464.5 million shares. After the split the number of shares will increase to 4.64 billion.