PTBA launches stock split

By Thomas Sembiring

Petromindo|Thomas

IDX-listed coal mining firm PT Bukit Asam Tbk issued new shares to existing shareholders on Thursday in a 1:5 stock split program to help improve liquidity of its shares in the stock market.

This means that shareholders get five new shares for every share held earlier. The stock split program was approved by shareholders on November 29.

PTBA President Director Arviyan Arifin said the stock split program is also expected to help lure local retail investors to buy shares in the company as its price has been reduced from Rp 11,200 per share at the end of last year to Rp 2,240 at the opening of trade on Thursday.

Editing by Reiner Simanjuntak