JAKARTA - PT M Cash Integration Tbk (MCAS) will release as many as 9.32 million shares, obtained from the buyback to Skytron Pte. Ltd., an investment company registered in Singapore.
For the record, MCAS had carried out share buybacks from March 20, 2020 to September 20, 2020. During this period, share buybacks were carried out in 2 stages.
Rachel Siagian, Director and Corporate Secretary of MCAS, said that the plan to release treasury shares was in accordance with Financial Services Authority (OJK) 2017 regulation. Under this regulation, public companies that had completed share buybacks were required to repurchase the shares they had acquired.
"The company intends to sell and transfer all shares resulting from the buyback through the negotiation market," said Siagian through an information disclosure on Indonesia Stock Exchange.
MCAS management has appointed PT Mandiri Sekuritas to sell the shares from the buyback. The management also emphasized that there is no affiliation relationship between the company as the seller and Skytron as the buyer. (KR/VA)