JAKARTA. PT Medco Energy Internasional Tbk (MEDC) would organise a shares buyback of 190 million units at most, allocating IDR 130.5 billion or USD 9 million in budget.
The management would seek approval during the Annual General Shareholders Meeting regarding this buyback. The action would be performed gradually for 18 months after the company obtains the green light from the shareholders on August 26, 2021.
The fund resource used for this corporate action comes from MEDC’s internal cash. “The company has spared a portion of funds to repurchase the shares, taken from the surplus balance. Thus, it would not disturb the company’s operational activities,” Siendy K Wisandana, Corporate Secretary of MEDC, explains through the information disclosure in Indonesia Stock Exchange.
MEDC has assigned PT BRI Danareksa Sekuritas to lead the shares buyback in Indonesia Stock Exchange. “This repurchase would set the price for less than or equal the previous transaction price,” Wisandana adds. (KR/ZH)