Jakarta - PT AKR Corporindo Tbk (AKRA) will hold a stock split with a ratio of 1:5.

With the stock split, the par value of AKRA's shares becomes Rp. 20 per share from the current par value of Rp. 100 per share. The number of AKRA shares after the stock split became 20,073,474,500 from the previous 4,014,694,920.

PT AKR Corporindo Tbk will seek shareholder approval in the context of a stock split at the Extraordinary General Meeting of Shareholders (EGMS), which will be held on December 20, 2021. The application for share listing is on December 24, 2021.

Meanwhile, the schedule for trading shares with a new nominal value on the IDX will be announced under applicable regulations. No later than 30 days from implementing the GMS, which is estimated to be January 2022.

"We decided on a stock split that was approved at the board of directors meeting on October 25, 2021. The proposed stock split is to increase trading liquidity of AKRA shares on the Indonesia Stock Exchange (IDX)," said President Director of PT AKR Corporindo Tbk, Haryanto Adikoesoemo, in his statement, Thursday ( 11/11).

According to Haryanto, AKR Corporindo's share price will become more affordable through the stock split, especially for retail investors who are expected to increase the number of company shareholders.

"Retail investor participation in the Indonesian and regional stock markets has increased significantly over the past year with many investors from the younger generation investing in IDX 30 and LQ45 stocks. The company's directors see a positive trend for the development of the stock market," he explained.

Furthermore, as a constituent of the LQ45 and IDX ESG Leader index, PT AKR Corporindo Tbk has provided consistent performance over the last three years and is attractive to retail investors.