JAKARTA. PT Adaro Energy Tbk (ADRO) yet again extends the shares buyback period, which was initiated back in September 2021, considering that there are still shares available to be repurchased by the company.
Mahardika Putranto, Corporte Secretary of ADRO, stated that the shares buyback would be extended to the next three months, ending in June 21, 2022. “The extended period of shares buyback would not negatively affect the performance and the revenue of the company as our existing profit and cash flow still highly suffice,” he explained in the information disclosure in Indonesia Stock Exchange (IDX) earlier today (22/3).
ADRO’s buyback during this extended period will still use the appropriate price as the regulation dictates. The shares buyback will be conducted through transactions in the stock exchange, specifically in the regular market. The company had also assigned one security company to arrange the buyback.
Based on idnfinancials.com data, ADRO had prepared IDR 4 trillion in regard to this buyback since September 2021. Furthermore, abiding by the regulation set by the Financial Service Authority (OJK), ADRO’s repurchased shares must be at least 7.5% and not exceed 20% of its entire paid-up capital.
Previously, the shares buyback had also been extended in December 2021. The decision to postpone the end of this buyback was taken due to the existing shares eligible for repurchase. (KR/ZH)