Jul 23, 2010

Kertas Basuki drops on reverse stock

Stocks of paper producer PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) free falls 17.18% from Rp64 per share to Rp53 because massive sell on reverse stock plan.
According to the company's announcement to Indonesia Stock Exchange (IDX), the reverse stock is aimed to boost KBRI's stocks price.
Kertas Basuki's Corporate Secretary Tiur Simamora confirms on reverse stock plan.
"We haven't mandated financial advisor to hold such corporate action," she said as reported by Bisnis.com today.
Late last month, Non Executive Director of CIMB Group Glenn Mohamad Surya Yusuf had been mandated by share holder meeting to be president director of Kertas Basuki.
"Besides Glenn,  annual share holder meeting today also appoints President Commissioner Antonius Budi Setiawan Hudiana in Kertas Basuki Rachmat," said Corporate Secretary of Kertas Basuki Tiur Simamora.

Disclosure: No position at the stock mentioned above.
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