Jakarta, CNBC Indonesia – Issuer owned by tycoon Hary Tanoesoedibjo, PT MNC Investama Tbk (BHIT) announced plans to buy back the company’s shares or buyback worth Rp 675 billion.
The company’s President Director, Darma Putra, in his explanation on the information disclosure page of the Indonesia Stock Exchange, said that the buyback plan will be implemented in the period November to February 2021.
MNC Investama intends to buy as much as 7.4 percent of the paid-up and issued capital of 5 billion shares. This refers to OJK Regulation No. 2/2013 and SEOJK 3/2020 regarding the number of shares to be repurchased will not exceed 20% of the total paid-up capital provided that there are at least 7.5% outstanding shares (free float).
“The company will limit the share buyback price to a maximum of Rp 135 per share,” said Darma Putra, quoted on Tuesday (3/11/2020).
Darma explained that there was no impact on the decline in income for this corporate action. However, the company believes that this buyback will significantly reduce the impact of the fluctuating market, thus reflecting the achievement of better company performance going forward.
Meanwhile, the media company owned by businessman Eddy Sariaatmadja, PT Surya Citra Media Tbk (SMCA) has also bought back the company’s shares worth Rp 1.33 trillion.
“The buyback realization was carried out in the period December 5, 2018 to October 31, 2020, totaling 1.22 billion shares of the company, equivalent to 8.25% of the company’s paid-up capital,” said Corporate Secretary, Gilang Iskandar, in his announcement.
Gilang continued, this buyback could be realized because previously the company had received approval from shareholders at the Extraordinary General Meeting of Shareholders (EGMS) on December 5, 2018.
In addition, the company provides information disclosure regarding the buyback plan in market conditions that fluctuate significantly on June 9 and September 9 as well as changes on October 16, 2020.
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