JAKARTA. PT Ramayana Lestari Sentosa Tbk (RALS)has sold 20 millon treasury shares for Rp 35.37 billion. The shares were obtained from a buyback in 2017.
RALS Director Suryanto said the company opened the sales three years after the last buyback. If there are still remaining shares, RALS has an additional three years. "It means we have six years after buyback, or until 2023," said Mr Suryanto as quoted by Kontan.co.id, Monday (25/2).
Mr Suryanto said the sales proceeds will be used for RALS' operational costs, although the value is not too big. "It's far below Ramayana's current cash of Rp 2 trillion," he said.
In 2017, RALS conducted a buyback of 373.18 million shares at Rp 909 per share from August 25, 2015 to March 15, 2017. In this year's corporate action, RALS is predicted to profit 95% after selling its stock at Rp 1,768 per share. (KR/MS)