Poultry feed producer PT Sierad Produce Tbk (SIPD) plans to reverse stock with ratio of 10 for 1, aiming for boosting its share price.
Elies Lestari, SIPD's corporate secretary, said in a disclosure to stock exchange that the reverse stock has been included into the agenda of shareholders extraordinary general meeting scheduled for March 11, 2011. Other agenda is the management change.
Elies said the reverse stock will change SIPD's nominal price to Rp3,950 per share from current Rp395. The company has also serries C share with nominal price of Rp100 per share. The series C shares was originated from bond and long term loan conversion conducted in 2005.
The company also plans to launche rights issue after reverse stock but Elies said the company has not decided yet on the plan.
Currently, SIPD shares price stood at Rp62 per share with market capitalisation of Rp582.25 billion.
Elies said the reverse stock will change SIPD's nominal price to Rp3,950 per share from current Rp395. The company has also serries C share with nominal price of Rp100 per share. The series C shares was originated from bond and long term loan conversion conducted in 2005.
The company also plans to launche rights issue after reverse stock but Elies said the company has not decided yet on the plan.
Currently, SIPD shares price stood at Rp62 per share with market capitalisation of Rp582.25 billion.
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