JAKARTA – PT Matahari Department Store Tbk (LPPF), a modern retailer managing company, has allocated IDR 500 billion to repurchase its shares (buyback) in Phase II. It was scheduled to start by the end of the year until February 4, 2022.
Quoting the information disclosure on Monday (8/11), LPPF was said to rebuy a maximum of 10% of its entire issued and paid-up capital, amounting to 262,614,878 shares. They would comprise 100 units of Series A of IDR 5,000 each and 262,614,778 Series C shares of IDR 100 each. The highest price for this corporate action would be capped at IDR 4,700 shares.
This action would not have any significant effects and cause the company’s revenue to deplete. The net loss per share was predicted to reach IDR 391, assuming that the buyback was performed entirely, with the maximum amount. As of December 2021, the company recorded a net loss per share of IDR 332.
In an identical corporate action in August 2021, the company spent IDR 450 billion to purchase 393,922,000 shares or a maximum of 15% of its entire issued and paid-up capital. However, at that time, the upper price limit was set to IDR 3,050 per share. (LK/ZH)