JAKARTA. PT Sarana Menara Nusantara Tbk (TOWR) plans to buy back as many as 2.55 billion of its shares after its price fell by 34.62% in a month to the level of Rp 640.
In the disclosure of information, TOWR announced that the buyback will take place from 27 April 2020 to 27 October 2021. However, before that, the company will still seek approval from its Extraordinary General Meeting of Shareholders (EGMS).
Through this corporate action, the company is optimistic that the price of its shares can be more stable and its capital management can be more flexible.
At the end of today's first trading session, the price of TOWR shares was recorded at Rp 640 per share. For information, on 18 February, the price was still at the level of Rp 875 per share. (KR/AR)