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Wednesday, October 20, 2010

Charoen Pokphand obtain approval to stock split

BI / exchange
Dewi Idam Sari (16) & Irvin Avriano A.
Bisnis Indonesia

Charoen Pokphand obtain approval to stock split

JAKARTA: PT Charoen Pokphand Indonesia Tbk, a animal feed and broiler producers listed company, plans to split the value of shares (stock split) in December.

The plan was established after receiving approval from its shareholders in general meeting extraordinary shareholders (EGM/RUPSLB) today.

Charoen Pokphand Corporate Secretary Hadijanto Kartika said, in the EGM the company successfully obtain the approval from all the attended shareholders. The stock split will be done with 1:5 ratio and will make the shares nominal reduced from IDRp50 to IDR10 per share.

"The shareholders who attended approximately 72%, the majority approve our agendas, there are few who abstained but considered also agreed, according to the rules," he told the press this afternoon.

He said the stock split will also increase the existing shares numbers from 3.28 billion shares to 16.42 billion shares. The stock split exercise, he said, still awaiting approval in legal process at Ministry of Justice and Human Rights (Kemkumham) and will be using the average market price that will be calculated at the time of exercise.

Recently, the company's management says that they plan the stock split to make their stock traded more active in the capital market.

Besides getting approval of its stock split plan, the company also received approval from its shareholders to purchase the outstanding shares (buy back) with funds provided IDR50 billion.
The funds, he said, will come from retained earnings of the company, which it is possible to use the net profit this year.

The company and its shareholders also accepted the resignation of one of its directors, Fiece Kosasih.

He also still not able to comment related to the financial performance for the 3rd quarter/2010 or projection the full year because it is still in the process of preparation by the company.

Charoen Pokphand stock prices that coded CPIN rose by 7.05% to IDR8.350 level at the trade closing this afternoon and establish its market capitalization amounted to IDR27.43 trillion. Since late of last year until today, the company's stock investors has received investment return of 350.95%.



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