JAKARTA - PT Indo Straits Tbk (PTIS) will conduct a buyback of shares released in the company’s management employee stock allocation (MESA) programme.
In the programme, the shares that will be repurchased are those owned by employees who have resigned and have not repaid their debts to the company.
PTIS Finance Director Sutina said the plan has received approval from shareholders in today’s (11/1) Extraordinary General Meeting of Shareholders.
“[The plan] has been approved and we will conduct the buyback next week using a crossing method with Sinar Mas Sekuritas,” Ms Sutina told Kontan.co.id.
In this corporate action, PTIS will conduct a buyback of 8.65 million shares at Rp 255 per share. “The fund is sourced from internal cash at Rp 1.96 billion,” Ms Sutina added.
According to Ms Sutina, the buyback aims to sort out the company’s financial notes, reduce loss potential, and lower receivable value. (MS)