PT. AKR Corporindo, Tbk
JAKARTA, 26 November 2021 – PT AKR Corporindo Tbk (IDX ticker code: AKRA.IJ) today published notice for Extraordinary General Meeting (EGM) on Dec 20, 2021.
Day/Date : Monday, December 20, 2021
Time : 4 p.m. (Western Indonesian Time) – finish
Venue : AKR Gallery West, Meeting Room P2 Floor,
Jl. Panjang No.5, Kebon Jeruk, Jakarta Barat 11530, Indonesia
With the following Agenda:
With respect to above mentioned agenda, we will discuss the proposal for of Stock Split in the ratio of 1:5 with respect to the Company's shares from a nominal value of originally of Rp100 per share to become Rp20 per share.
This Stock Split aims to increase the liquidity of the Company's stock trading on the Indonesia Stock Exchanges. Through this Stock Split, the Company's share price will become more affordable, especially to for retail investors, which is expected to increase the number of shareholders of the Company.
We see more positive developments in AKRA business. AKRA is committed in delivering sustainable growth and creating shareholder value.
Continuing the solid performance during 9M 2021, when net profit grew by 20% to Rp797 bn and revenue up by 24%, driven by strong selling price and demand for petroleum and basic chemical, company continues to report strong demand during Q4 2021.
Petroleum demand for mining, general industry, also plantation continue to be strong in October/November 2021, with higher activity in Mining Industry and opening of the Economy subsequent to relaxation of covid restrictions. Based on current trends, AKRA is expected to reach its full year target with stable margin.
Demand for biodiesel is very strong due to higher commodity prices/economic activity. Bloomberg has quoted Energy Ministry that “Biodiesel consumption may exceed its allocation by 100,000 kiloliters from this year’s target of 9.2m kiloliters. Indonesia has consumed 7.66 kiloliters of biodiesel as of Nov. 9”. AKRA is a beneficiary of this strong demand, being the leading private sector company in the segment.
Chemical volumes continue to remain high in Q4 2021 and we expect to see increased demand. Volume growth YoY 2021 is expected to be in line with 9M 2021 volume growth which reached 22%.
We believe the full year company performance is expected to be sustained, and meeting analyst expectations.
This is a major step forward for us in generating Solar Power in JIIPE. We aim to generate 60-100MW of Solar Power using Rooftop and Floating panels. The commissioning of first panel and its performance will help us finalize technical and financial framework for our planned Solar Power Generation Capacity.
KEK-JIIPE is a Green Industrial Estate that has taken various ESG initiatives. These include zero water run- off, gas-based power generation, OHS Management according to ISO Standards etc. Addition of Solar Power Generation will both improve KEK-JIIPE ESG profile and attract investments under the Industry 4.0 initiative.
Rooftop Solar Panel JIIPE
Division of Investor Relation
PT AKR Corporindo Tbk