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Launching a buyback, Matahari Department Store set the price to IDR 4,700

07 February 2022 06:47

JAKARTA – PT Matahari Department Store Tbk (LPPF) will repurchase 262,614,878 units of its shares, starting this week until May 3, 2022. The same program preceded this action, which ended last week (4/2) after being initiated back on November 5, 2021.

In the information disclosure quoted Monday (7/2), Miranti Hadisusilo, Corporate Secretary of Matahari Department Store, confirmed that her company allocated IDR 500 billion for this corporate action. The purchasing price is set to IDR 4,700 per share. The Series C shares involved in this buyback will amount to a maximum of 10% of its entire issued and paid-up capital.

According to Hadisusilo, this corporate action will not significantly and negatively affect the company’s revenue. As of December 2021, LPPF recorded a net loss per share of IDR 332. Then, by conducting this buyback, the net loss per share of LPPF will shift to IDR 386 per share, assuming that the buyback succeeded with the maximum amount available.

“The management hopes that repurchasing shares in 2022 will improve the company’s market value,” Hadisusilo added.

LPPF is known to have arranged two similar actions since early 2021. The company allocated IDR 151.80 billion in the first stage, whereas the next stage spent more, up to IDR 500 billion. (LK/ZH)

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