PT. AKR Corporindo, Tbk
JAKARTA, 11 November 2021 – PT AKR Corporindo Tbk (IDX ticker code: AKRA.IJ) today published a notice to hold EGMS on 20th December 2021 to seek approval for the stock split of AKRA stock in the ratio of 1:5.
The Board of Directors of AKRA in the meeting held on 25 October 2021 approved the stock split proposal which aims to increase the liquidity of the Company's stock trading on the IDX. Through this Stock Split, the Company's share price will become more affordable, especially for retail investors, which is expected to increase the number of shareholders of the Company. Participation of retail investors in Indonesia and regional stock markets has increased significantly over the past year with many young and millennial generation investors investing in stocks which are part of IDX 30 and LQ 45. The Board of Directors see this as the healthy trend for the development of the stock market. The nominal value of AKRA stock will become Rp 20 per share from the current nominal value of Rp 100 per share.
Mr. Haryanto Adikoesoemo President Director AKRA said, “AKRA is a constituent stock of LQ 45 and IDX ESG Leader Index, and has delivered consistent financial performance during the last 3 years. These features make AKRA shares attractive for retail investors. The proposal to split the stock would increase the liquidity of AKRA and increase the shareholding amongst the investing community. We support the efforts of IDX and government to develop the Indonesian stock market and increase the participation of young people in the domestic capital market”.
“AKR Corporindo Tbk. delivered a strong result during the 9M ended 30 September 2021 with net profit growth of 20% YoY to Rp 797 billion, continuing the 30% growth in the financial year 2020. As a reliable and efficient distributor of essential raw materials and fuels, AKRA delivered products to our customers across Indonesia without interruption during the pandemic supported by the extensive logistics & supply chain infrastructure and optimum IoT. We see the prospects of our business continuing to improve with the resumption of economic activities and government efforts to revive the growth. Commodity prices continue to be high resulting in increased demand for basic chemicals and petroleum products in Indonesia”, said Haryanto.
The notice published along with the explanatory statement on the proposed stock split is attached and published on the company’s website www.akr.co.id and on IDX website.
PT AKR Corporindo Tbk.