“We expect the stock split will increase our liquidity on the trading floor and will expand the distribution of shares ownership by reaching many more investors,” said Bukit Asam president director Arviyan Arifin, adding that 35 percent of its shares were publicly owned.

Arviyan, accompanied by IDX chairman Tito Sulistio, announced the split at the company's anniversary event that saw the attendance of State-Owned Enterprises Ministry media division official Fajar Harry Sampurno, Bukit Asam business development director Fuad Iskandar ZF and IDX listing director Samsul Hidayat.

Arviyan said Bukit Asam had split its stock (PTBA) at a ratio of 1:5 in accordance with a decision made during its extraordinary general shareholders meeting on Nov. 29.

The company's profit rose to Rp 2.66 trillion (US$182 million) in the fourth quarter of this year from Rp 1.05 trillion in the same quarter last year, while total revenues rose to Rp 13.2 trillion from Rp 10.04 trillion in the same period last year.  

Bukit Asam earlier said that this year’s profit was projected to reach Rp 2.41 trillion, a 14 percent increase from the figure recorded in 2016 and this year’s total revenues were projected to increase by 43 percent to Rp 20.1 trillion.

Thec company launched its initial public offering (IPO) in 2002 during which the company sold its new shares to the public at Rp 575 each. The share prices reached its historic high level of Rp 24,900 on Jan. 4, 2011.  The share prices however suffered a major decline since then and reached only Rp 11,200 before the stock split was made. (fny/bbn)

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