Tower Bersama will repurchase 1.13 billion of its shares
JAKARTA. PT Tower Bersama Infrastructure Tbk (TBIG) will repurchase (buyback) 1.13 billion of its shares.
According to the disclosure at the IDX, the buyback will be conducted at a nominal value of Rp 20 per share. It means that TBIG will spend Rp 22.65 billion. The buyback budget is about 5% of the company's paid-up capital.
The corporate action is expected to have no effect on TBIG's revenue, since the company claimed that it has sufficient funding for the buyback.
The buyback will be carried out in stages for three months (24 March to 23 June 2020. TBIG appointed Indo Premier Sekuritas to carry out the buyback.
As of Q3 2019, TBIG recorded revenue of Rp 3.47 trillion and Rp 611.96 billion in net profit. (AM/AR)