JAKARTA. Starting today (6/12), PT Indocement Tunggal Prakarsa Tbk (INTP) conducts the stock repurchasing or a shares buyback of IDR 3 trillion.
Oey Marcos, Director and Corporate Secretary of Indocement, wishes that this buyback would provide a satisfying return for the shareholders, thus increasing investors’ trust in the company. Moreover, the company’s stock price could reflect the actual fundamental condition.
In the official report submitted to the Indonesian Stock Exchange (IDX) on Friday (3/12), Marcos explained that this buyback would not involve over 20% of the issued and paid-up capital. Yet, it will submit to the minimum requirement for shares outstanding of 7.5% of the issued and paid-up capital of the company. The company plans to conduct this corporate action gradually within three months, starting from December 6, 2021, to March 4, 2022.
The buyback, Marcos believed, would not drag down the company’s revenue and would not negatively affect the company’s financing as it will use internal cash. “Currently, the company has sufficient capitalisation and a well-sustained cash flow that would be enough to fund all business activities and capital expenditure operations of the company, including this buyback,” he added. (AM/ZH)