JAKARTA - PT AKR Corporindo Tbk (AKRA) announced that it will hold an EGMS on December 20, 2021, in order to approve AKRA's stock split with a ratio of 1:5.
The Board of Directors of AKRA in a meeting held on October 25, 2021, approved the proposed stock split which aims to increase the liquidity of the company's stock trading on the Indonesia Stock Exchange (IDX). Through this Stock Split, the share price of the company owned by the conglomerate Soegiarto Adikoesoemo will become more affordable, especially for retail investors, which is expected to increase the number of shareholders of the company.
AKRA's President Director, Haryanto Adikoesoemo said, "Retail investor participation in the Indonesian and regional stock markets has increased significantly over the past year with many young and millennial investors investing in IDX30 and LQ45 shares.
The Board of Directors of AKRA sees a positive trend for the development of the stock market. The par value of AKRA shares will be Rp20 per share from the current par value of Rp100 per share.
Furthermore, Haryanto said, as a constituent of the LQ45 and IDXESG Leader Index, PT AKR Corporindo Tbk, which has provided consistent performance over the last three years, will be attractive to retail investors. The proposal for a stock split will increase AKRA's liquidity and increase share ownership among the investor community.
"We support the IDX and the government's efforts to develop the Indonesian capital market and increase youth participation in the domestic capital market," said Haryanto in a written statement, quoted Friday, November 12.
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For information, AKRA recorded a net profit growth of 20 percent yoy to Rp797 billion in the third quarter of 2021. This value continued the growth of 30 percent in the 2020 financial report.
As a distributor of raw materials and essential fuels, AKRA distributes products to customers throughout Indonesia without interruption during the pandemic supported by extensive logistics & supply chain infrastructure and optimal IoT.
"We see our business prospects continue to improve with the resumption of economic activities and the government's efforts to revive economic growth. The continued high commodity prices have resulted in increased demand for basic chemicals and fuel products in Indonesia," said Haryanto.
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