PT Myoh Technology Tbk today announces a proposed 8-for-1 reverse stock with PT Kresna Graha Sekurindo Tbk as the standby buyer for the odd lots.
In an official announcement today, following the reverse stock, Myoh's nominal price will rise to Rp200 per share from Rp25.
Myoh Tehnologi will seek approval from shareholders meeting scheduled on September 12 2011. Post reverse stock, the company's outstanding stocks will recede to 210.13 million shares from 1.68 billion shares. Portfolio shares will shrink to 289.88 million from 2.32 billion shares as well. Myoh Tehnology plans to issue rights soon after the company completes the reverse stock. The rights issue will be held at the theoretical price at Rp100 per share.
Disclosure: No position at the stock mentioned above.
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