JAKARTA (TheInsiderStories)—Retailer PT Mitra Adiperkasa Tbk (MAPI) had obtained a shareholder’s approval on Monday for 10-for-1 stock split which will boost liquidity of the company’s stock on the Indonesia Stock Exchange.
The stock split approval will value Mitra Adiperkasa’s shares at Rp800 a piece from currently Rp8,000.
The company’s shareholders also approved a dividend payment of Rp66.14 billion for 2017 financial year. The dividend’s cum date is May 18, 2018 while payment will be made June 8, 2018.
Shareholders also approved the appointment of Herman Bernhard Leopold Mentiri as a President Director. In addition, Mari Elka Pangestu and Gusti Bendoro Prince Haryo Haji Prabukusumo are appointed as commissioners.
MAPI recorded a strong performance in the first quarter of 2018 with its net income grew 510 per cent to Rp358 billion from Rp59 billion in the first quarter of 2017. The company also recorded a 19 per cent rise in revenue to Rp4.3 trillion from Rp3.6 trillion in the first quarter last year.
MAPI targets to expand the sports business segment, fast fashion brands, and Starbucks this year. The company plans to spend Rp800 billion in capital expenditure its retailing space by 60,000 square meters, which is equivalent to 200 outlets. The company expected to increase this year revenue and net income by at least 15 per cent.
Retail industry saw its worst performance in 10 years in 2017 with sales fell by 3.5 per cent on year. The retail industry recorded the highest growth by more than 12 per cent in 2012-2014.
Last year, MAPI had closed a number of outlets under Debenhams and Lotus brands due to the sales slowdown. However, the company booked a decent performance last year with a net income grew by 60.52 per cent to Rp334.65 billion from Rp208.47 billion in 2016. The company also recorded revenue of Rp16.3 trillion last year, a 15 per cent rise from revenue in 2016 that reached Rp14.1 trillion.