Inovisi approved to perform stock split

JAKARTA: Shareholders of telecommunication infrastructure company PT Inovisi Infracom (INVS) approved on Friday the company’s plan to carry out stock split to improve the company’s stock trading liquidity at the Indonesia Stock Exchange (IDX).

Inovisi corporate secretary Benita Sofia said that the company already submitted related documents to the IDX.

“The company proposes a stock split ratio of 1:10. We hope to perform the stock split in the first half of 2012,” she said.

Currently, the company’s outstanding shares stand at 2.57 billion. Shares in Inovisi (INVS) closed at Rp 5,950 a piece, sliding 2.58 percent from Rp 5,800 a day earlier.

During Friday’s meeting, shareholders of Inovisi also approved the company’s plan to install Adrian Ooi as director, replacing Rafli Ridwan. Adrian will accompany Jerry Djajasaputra, who serves as president director, and Jan Tangkilisan as director. Meanwhile, Jason Minos was installed as president commissioner, replacing Erica Adeline. Minos will lead the board of commissioners, which consists of two other commissioners — Adelaine TeohGeokPoh and Rachmad.