TRIS ready to buyback maximum of 10% shares
JAKARTA - PT Trisula International Tbk (TRIS) has decided to buyback the Company's shares which will be carried out starting today (27/05) to 26 November 2022. This action was decided by the Company in the Extraordinary General Meeting of Shareholders (EGMS) which was held today at Trisula Center, Jakarta. TRIS will repurchase shares of a maximum of 10% of the paid-up capital or a maximum of 314,144,380 shares.
Santoso Widjojo as the President Director of TRIS explained, “In the EGMS held today, the stakeholders have approved TRIS's plan to repurchase the Company's shares as much as 10% of the paid-up capital, with a maximum cost of around IDR 40 billion including intermediary securities traders’ fee as well as other fees. This step is taken because we see that the current share price of the Company does not reflect the actual value or performance, and it can provide flexibility for the Company in managing long-term capital, where treasury shares can be sold in the future at optimal value should the Company require additional capital.”
For information, TRIS's performance in the Q1-2021 has improved by recording sales of IDR256.5 billion or an increase of 2.7% from the Q4-2020. The contribution of TRIS sales in the Q1-2021 was almost equal, namely 50.8% for local and 49.2% for exports. On the other hand, TRIS' debt profile showed a better condition compared to the previous quarter, TRIS' finance expenses decreased by 24.9% QoQ in 1Q-2021. This shows that the Company has made efficient use of working capital. (LM))