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Tuesday, March 1, 2011

IDX prohibit Sierad reverse stock

BI/bursa
28/2/2011
Irvin Avriano A.
Bisnis Indonesia

IDX prohibit Sierad reverse stock

JAKARTA: Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia/BEI) prohibit PT Sierad Produce Tbk plan to held a 10:1 reverse stock action in the near term.

"We see no urgent needs for the company to do such a sensitive corporate action, and also several of their track record give us consideration, especially the similar reverse stock that been done many years ago," said IDX Company Assessment Director Eddy Sugito to Bisnis on Monday.

The bourse authority also see the sensitive corporate action by the company which shares coded SIPD can not be done in the near term.

Originally the reverse stock intend to change par value of A series shares from previously IDR395 to IDR3,950, B series from IDR395 to IDR3,950, and C series from IDR100 to IDR1,000.

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