Indonesia’s Semen Gresik eyes 10-for-1 split

Indonesia’s  Semen Gresik eyes 10-for-1 split
29 May 2007

Indonesia’s largest cement maker,  PT Semen Gresik Tbk, plans to seek shareholder approval to conduct a 10-for-one stock split, a source familiar with the plan told Reuters on Tuesday.  
The source, who declined to be identified, said that the state-owned company will ask shareholders to approve the idea at an extraordinary meeting scheduled next month.  
"The share price has become so expensive..., while the outstanding shares of Gresik are small compared to our rivals, it would be ideal for us to split the shares," he told Reuters.  
"The letter to request the stock split has been sent to Bapepam (capital market watchdog) and shareholder approval will be sought during the extraordinary meeting on June 28."  
Published under Cement News