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Wednesday, April 27, 2011

Malindo cancel nonpreemptive-rights plan

26/4/2011
Irvin Avriano A.

Malindo cancel nonpreemptive-rights plan

JAKARTA: PT Malindo Feedmill Tbk, a Malaysia-Indonesia joint poultry listed company, cancelled their plan to held a nonpreemptive rights. Their cancellation together with re-announcement of 1:5 stock split plan.

Based on Malindo information disclosure on the newspaper early this week, the management still budget the adding of new business line and stock split in the extraordinary general meeting of shareholders (EGM) which scheduled this weekend.

The meeting itself will held in Ritz-Carlton Hotel Kuningan on April 28th, a crowded day for reporters when there is more than five EGM will held by another listed company.

Previously the company intend to formed a new subsidiary which focused on processed food such as sausages and chicken nuggets, and will build a new factory to support the plan.

The new subsidiary which have capital injected around IDR80 billion will support by MAIN shares coded company's internal cash, changed from previously planned 70% of the fund needs will support by bank loan.

The nugget-sausages company also expected will effective on 2nd quarter this year.

Malindo shares appreciated IDR100 or 1.77% to IDR5,750 this afternoon, at the closing market. The price formed IDR1.94 trillion market capitalization and their price to earnings ratio (PER) as much as 10.83 times.

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