JAKARTA - PT Eastparc Hotel Tbk (EAST) purchase back shares (buyback) starting today until June 13, 2020. Funds prepared by the company in this corporate action came from internal amounting to Rp 2 billion.
As quoted from the disclosure of corporate information on Thursday (12/3), this corporate action will not interfere with business activities because the company has an allowance for profit in 2019 that is sufficient to finance the buyback. As of December 31, 2019, EAST was recorded to have total assets of Rp 306.78 billion, total equity of Rp 239.55 billion, and net income of Rp 9.46 billion. After taking this corporate action, the total assets shrank Rp 2 billion to Rp 304.78 billion.
EAST management's decision to buyback in response to the decline in the Composite Stock Price Index (CSPI) in the first quarter of 2020 was 18.46%. With this corporate action, the company's stock price can be stable again and the possibility will be released again if the stock price in the stock market is the same or higher than the time of repurchase. (LK)