Good News For Retail Investors In The Stock Market: Chandra Asri Owned By Conglomerate Prajogo Pangestu Wants Stock Slit 1:4, Will Be Decided At EGMS 5 August

Illustration. (Photo: Doc. Antara)

JAKARTA - The petrochemical company owned by the Prajogo Pangestu conglomerate, PT Chandra Asri Petrochemical Tbk (TPIA) will conduct a stock split with a ratio of 1:4. This corporate action will be approved at the Extraordinary General Meeting of Shareholders (EGMS) on 5 August.

Directors Chandra Asri said that the stock split was intended to make the company's share price on the stock market more affordable for investors, especially retail investors. On Friday, July 15 trading, TPIA shares closed up 75 points or 0.79 percent to Rp 9,550.

"The stock split also aims to increase the liquidity of the company's stock trading on the Indonesia Stock Exchange (IDX), so that more investors are expected to invest in the company," said the TPIA Board of Directors in a written statement, quoted on Saturday, July 16.

The EGMS on August 5 will also discuss changes to the composition of the company's management.

Just so you know, TPIA recently received a credit facility from PT Bank OCBC NISP Tbk (NISP) worth 100 million US dollars or equivalent to Rp. 1.5 trillion. The funds will be used to facilitate the growth of the petrochemical industry business in Indonesia.

"The financing provided by Bank OCBC NISP is part of Bank OCBC NISP's commitment to support Chandra Asri to continuously develop the business," said Chandra Asri's Chief Financial Officer Andre Khor.

Andre explained that Chandra Asri is the largest integrated petrochemical producer in Indonesia. The Company continues to be committed to increasing its capacity to meet the growing demand for domestic petrochemical products.

"One of the company's strategies is to develop the Chandra Asri Perkasa (CAP) 2 factory complex on a world scale. With the construction of this complex, it is expected to reduce Indonesia's dependence on imports, develop the local petrochemical downstream industry, support the government's vision for Industry 4.0, and create a long-term career which is of high value," said Andre.