JAKARTA - PT Harum Energy Tbk (HRUM) plans to buy back as many as 133.38 million shares or 4.93% of paid-up capital. The corporate action plan will be executed after the company receives approval from the shareholders at the Extraordinary General Meeting (EGM) of Shareholders on January 18, 2019.
The buyback execution will be carried out in stages no later than 18 months after obtaining shareholders' approval. As of September 30, 2018, PT Karunia Bara Perkasa has the largest number of shares of HRUM at 74.05%, while 20.76% is owned by the public.
"We will set aside a number of funds needed for the purpose of the buyback from the retained earnings account as of December 31, 2018. The funds are set aside, as many as US$ 16.2 million or Rp 236.52 billion at an exchange rate of Rp 14,600," stated HRUM in the information disclosure quoted by Kontan.co.id, Wednesday (12/12).
HRUM added that buybacks can provide greater flexibility for companies in managing capital and maximizsng returns for shareholders. HRUM will save the buyback shares as treasury stock for a period of three years. (MS)