JAKARTA. PT Garudafood Putra Putri Jaya Tbk (GOOD) will repurchase (buyback) a maximum of 2% of its issued and paid-up capital with a budget of Rp 100 billion.
This decision was approved at the company's Extraordinary General Meeting of Shareholders (EGMS), Thursday (3/9). The buyback will be done in stage within an 18-month period.
Director of Garudafood, Paulus Tedjosutikno, said that the purpose of the corporate action was to keep the price of its shares to decline further during the COVID-19 pandemic.
He explained that the risk of the buyback was small because the company can control how much funds that will be used. "We do not have a special plan in terms of risk control over this plan," Paulus said as quoted from Kontan.co.id. (AM/AR)