Jakarta. Petrosea (PTRO) announced that its shareholders had approved the company's stock split with a ratio of 1:10.

PTRO is a multi-disciplinary contract mining, engineering, procurement, and construction as well as oil, gas, and services company with a track record of achievement in Indonesia for over 52 years. The company held its extraordinary general meeting of shareholders on Monday.

With this stock split, the nominal value of shares, which was originally Rp 50 per share, will become Rp 5 per share. The shareholders also approved changes to Article 1 Paragraph 1 of the company's Articles of Association in relation to the stock split plan.

This stock split aims to increase demand for the company's shares, attract the interest of potential new investors and expand the investor base, both national and foreign investor groups, as well as the classification of individual and business entity shareholders.

All of Petrosea’s operational and financial performance targets are supported by a strong safety, health & environment (SHE) culture. It strives for zero-accident, operational excellence, continuous improvement, and risk management. PTRO also implements good corporate governance (GCG) principles as the backbone of the company's sustainability.