Supreme Cable (SCCO) Gets Shareholder Approval for Stock Split with a 1:4 Ratio

February 22, 2024, 01.48 PM | Reporter: Akhmad Suryahadi

CORPORATE ACTION – JAKARTA. PT Supreme Cable Manufacturing & Commerce Tbk (SCCO) has received approval from shareholders to carry out a stock split.

SCCO shareholders have given the green light for a stock split at the Extraordinary General Meeting of Shareholders (EGMS) held on Tuesday (20/2).

As many as 163 million votes or 100% have approved the corporate action plan to be carried out by SCCO.

The issuer, famously known as Sucaco, will carry out a stock split with a share split ratio of 1:4. Thus, the meeting approved the nominal share split which was originally Rp 1,000 per share, to become Rp 250.

Therefore, the number of SCCO shares also changed from originally 205.58 million shares to 822.33 million shares.

The purpose of implementing the nominal value split of shares (stock split) is to increase the number of outstanding shares and lower the price per share to make it more affordable for investors. Thus, this corporate action can boost the liquidity of SCCO shares.

"And to fulfill the provisions of Exchange Regulation No. I-A of 2021 dated December 21, 2021 regarding the fulfillment of free float shares," explained the management of Supreme Cable.

This cable manufacturer issuer affirmed that it does not yet have an agenda to carry out corporate actions within 6 months after the stock split.

Here is the estimated schedule for the implementation of the SCCO stock split:

End of stock trading with old nominal value in regular and negotiation market: March 7, 2024
Start of stock trading with new nominal value in regular and negotiation market: March 8, 2024
Start of stock trading with new nominal value in cash market: March 14, 2024