JAKARTA - PT Medco Energi Internasional Tbk (MEDC) has allocated a budget of US$ 3 million to buy back shares today (16/3). The number of shares to be purchased is 1% of 17,844,051,544 shares outstanding as of September 30, 2019.
In the disclosure of corporate information, Friday (13/3), Anthony R Matlas, Director of PT Medco Energi Internasional Tbk (EMDC) said the shares collected from the results of this corporate action will be used as treasury stocks. Later, the number of shares of the company to be circulated was 17,748,612,049 shares, cash was reduced to US$ 310.84 million from US$ 313.84 million, and equity was reduced to US$ 1.35 billion from US$ 1.36 billion.
This corporate action can be carried out immediately without the approval of the shareholders in the General Meeting of Shareholders (GMS) referring to the OJK circular No.3/2020 which was released on March 9, 2020. The circular responds to the market which has tended to weaken since January 2020. Until last week , The Composite Stock Price Index (CSPI) fell by 18.46%. (LK)