JAKARTA - Following the footsteps of a number of other issuers, PT Steel Pipe Industry of Indonesia Tbk (ISSP) also plans to buy back up to 200 million of its shares, or 2.78% of the total paid-up capital.
Current fluctuating market conditions since early 2020 became one of the reasons for this corporate action, as stated in the ISSP information disclosure on Monday (16/3/2020). ISSP management hoped that with this buyback, their share price will stabilise and moving towards a price that reflects their performance.
ISSP management are also confident that buyback will not bring any negative impacts to the revenue and company operations. Buyback period will be conducted for three months, starting from March 16, 2020 until June 15, 2020. (ARM/AR/AC)