Astra Otoparts' stock split to be on June 30

JAKARTA: Publicly listed automotive parts maker PT Astra Otoparts Tbk announces that a 1 to 5 stock split will become effective at market opening on June 30, 2011.As reported earlier, the majority-controlled company of PT Astra International, officially disclosed the proposed stock split at Indonesia Stock Exchange's website last month.The company also plans to set up a joint venture subsidiary, PT Astra Visteon Indonesia, with its strategic partner, Visteon Corporation, a global market spare parts player which is also listed at New York Stock Exchange.The joint venture company, headquartered in Citeureup, Bogor, is estimated to commercially start production in 1Q/2012 in a bid to supply electronic parts to automotive and motorcycle manufacturers in Indonesia.Following the joint venture establishment, Visteon is seeking to expand business in Asia following its presence in auto markets of Thailand and India.The company reported a slight decrease in net income by 6.81% in the first quarter of this year because of higher operating expenses.The AUTO-coded stock remained unchanged at IDR15,600 at the Jakarta Stock Exchange as of 2.15 p.m. local time.(NOM)