Dharma Satya Nusantara Plans 1-to-5 Stock Split

PT  Dharma Satya Nusantara Tbk (DSNG) announced plans to split its stocks this year to boost trade of its shares

The company will conduct a 1-to-5 stock split, president director Djojo Boentoro said in a statement on Thursday.

The company will seek approval from its shareholders on Sept. 2.

Dharma Satya's shares traded at 2,340 per share at the Indonesia Stock Exchange (IDX) on Friday, up 8.6 percent from its closing price on Thursday, outperforming the 0.8 percent gain in the benchmark index.

The company sold Rp 2.25 trillion ($160 million) worth of crude palm oil and wood in the first six months of the year, a drop of 12 percent from a year ago amid weak commodity prices and declining demand. Its net income drop by more than a half to Rp 162 billion.