JAKARTA - PT Elang Mahkota Teknologi Tbk (EMTK) announced the end of share buyback which was planned to last until February 8, 2021.
Titi Maria Rusli, Corporate Secretary of EMTK, said that stock buyback was halted due to Composite Stock Price Index (JCI) situation which had recovered to around 6,000 in the last few days. "The company will stop buying back the company's shares starting on December 30, 2020," said Rusli through an information disclosure on Indonesia Stock Exchange.
Since starting the stock buyback action on November 9, 2020, EMTK has bought 140,665,065 shares, or equivalent to 2.49% of the company's total paid-up capital.
All shares acquired by EMTK through the buyback will be stored as treasury shares. EMTK management plans to sell these treasury shares in accordance with Financial Services Authority Regulation (POJK) 2/2013.
As reported by idnfinancials.com yesterday, JCI closed at level 6,036.17. Meanwhile, this morning, JCI slightly weakened by 0.23% to the level of 6,022.19 when trading opened. (KR/VA)