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WIKA is planning for a buyback

10 March 2020 14:52

JAKARTA. PT Wijaya Karya (Persero) Tbk (WIKA) is preparing a buyback, after its share price plummeted by 17.55% to Rp 1,480 per share on Monday (9/3).

Mahendra Vijaya, Corporate Secretary of WIKA, said that the management is currently reviewing the price that will be used in the buyback. "We are considering buyback, we are now reviewing the price," Vijaya said as reported by Kontan.

Vijaya assesses that WIKA's shares are undervalued when compared to its fundamental value. Management is also calculating its cash that can be used for the buyback.

For information, WIKA begins planning the buyback, after the Financial Services Authority (OJK) issued a new regulation that allows issuers to conduct buybacks without the approval of the General Meeting of Shareholders (GMS). (KR/AR)

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