JAKARTA. PT Medikaloka Hermina Tbk (HEAL) has prepared Rp 100 billion to repurchase (buyback) its shares.
Director of Medialoka Hermina Aristo Setiawidjaja said that this corporate action was carried out following the new regulation issued by the Financial Services Authority (OJK) on 9 March 2020, which stated that a buyback did not require the approval of the company's General Meeting of Shareholders (GMS).
The buyback will be conducted from 3 April to 2 July 2020, with a maximum price of Rp 3,700 per share. "The maximum number of shares to be repurchased is 30 million shares," Aristo said in the company's announcement last week.
Aristo explained that his party had sufficient working capital and cash flow to carry out the corporate action. The management also believes that this corporate action will not significantly affect its income.
At the end of trading on Friday (3/4), the price of HEAL shares was recorded at Rp 2,130 per share, 0.9% higher compared to the price recorded in the previous day. (AM/AR)