PP Presisi budgets Rp 293 billion for share buyback

26 December 2019 14:12

JAKARTA - PT PP Presisi Tbk (PPRE) has budgeted Rp 293 billion for share buyback. The fund is sourced from the company's excess free cash flow, with its profit balance amounting to Rp 546.71 billion as of September 30, 2019.

According to the company's stock exchange filing, the buyback will take place from February 6 to July 30, 2021. The corporate action plan will be further decided on a the company's EGM on January 31.

The buyback effort aims to control the company's excess free cash flow, build a more efficient capital structure and lower overall capital costs, and increase the company's earning per share (EPS) and return on equity (ROE). On September 30, 2019, the company's ROE of 8.43% increased to 8.75% while its current-year net profit of Rp 201.85 billion fell to Rp 183.04 billion. (LK/MS)

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