JAKARTA - PT Trisula International Tbk (TRIS), a listed company that is an integrated apparel provider, plans to seek approval to conduct shares buyback from the Extraordinary General Meeting of Shareholders (EGMS) which will be held on May 27, 2021. This is because the current share price of the Company does not reflect the actual value or performance, and takes into account national and global economic conditions as a result of the Covid-19 pandemic.
Santoso Widjojo as President Director of TRIS explained, “Even though conditions are still full of challenges, we still see an opportunity to grow in the next year as the economy improves, we plan to submit for an approval for the share buyback at the upcoming EGMS. TRIS is optimistic that the improving economic condition can provide better performance going forward, where in the First Quarter of 2021 TRIS received sales of Rp256.5 billion.”
Recognizing the opportunity from the economic recovery period, TRIS plans to propose a share buyback of up to IDR40 billion, including brokerage fees and other costs. The number of shares to be bought back in this plan is a maximum of 10% of the Company's paid-up capital or a maximum of 314,144,380 shares. In connection with this share buyback plan, TRIS estimates that there will be no impact on the decline in income from the implementation of the share buyback and will not have a material negative impact on its business performance including a decrease in income, so that there will be no change in TRIS’ profit performance.
For information, TRIS is currently in a transition period to recover from the Covid-19 pandemic. This is reflected in TRIS’ performance in the First Quarter of 2021, which recorded sales of IDR256.5 billion, an increase of 2.7% from the Fourth Quarter of 2020. The contribution of TRIS sales in the First Quarter of 2021 was almost equal, namely 50.8% for local and 49.2% for exports. (LM)