JAKARTA. The plan of PT Wijaya Karya (Persero) Tbk (WIKA) to stabilize its share price through a buyback in March did not go smoothly, because the share price was far below the company's expectations.
Mahendra Vijaya, Corporate Secretary of WIKA, said that the company had bought 1.1 million shares from 13 March to 13 June 2020, with an average price of Rp 843.14 per share.
As reported on idnfinancials.com on 10 March, management intends to increase the price of WIKA's shares. However, this plan was made by also considering free cash that WIKA can use for the buyback.
At that time, WIKA's stock price was still at the level of Rp 1,550 per share, down 28.39% on Year to Date (YtD) basis from its record on 1 January 2020 (Rp 1,990). Meanwhile, its share price at the end of the first session of trading today, was at the level of Rp 1,290 per share. (KR/AR)