Sep 19, 2010

Petrosea plans to hold 1:5 stock split

Coal mining contractor PT Petrosea Tbk (PTRO), subsidiary of PT Indika Energy Tbk (INDY), plans to split its stocks with the ratio of 1:5.
A source familiar with the matter said the company plans to split its stocks before exercising secondary public offering following majority acquisition of Petrosea. Petrosea schedules an extraordinary general meeting on October 21 2010 with main agenda of stock split. 
"After stock split, Petrosea consider to refload 20%-25% stakes into the primary market," the source said.

Disclosure: No position at the stock mentioned above.

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