BSDE prepares a budget of Rp 1 trillion for buyback
JAKARTA. PT Bumi Serpong Damai Tbk (BSDE) will prepare a budget of up to Rp 1 trillion to repurchase its shares (buyback). The budget will be taken from the company's internal cash.
"This action is to anticipate a decline in the company's share price amid the growing negative sentiment," said Director of Bumi Serpong Damai, Hermawan Wijaya in the company's disclosure at the Indonesia Stock Exchange (IDX) on Thursday (19/3).
The buyback will be done during the period of 19 March - 19 June 2020. The company plans to purchase back up to 20% of the company's paid-up capital.
BSDE appoints PT Sinarmas Sekuritas as the broker. BSDE believe that the buyback will not have a negative impact on business activities, since the company still has enough cash for the buyback and to fund its business activities simultaneously. (AM/AR)