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BELL EGMS appoints new management and approves share buyback

28 April 2022 11:31

JAKARTA - PT Trisula Textile Industries Tbk (BELL), has held an Extraordinary General Meeting of Shareholders (EGMS) which resolved to appoint a new board of directors, due to the end of the current boards’s term of office, and approved the share buyback. This EGMS was held at Trisula Center, Jakarta on April 27, 2022. 

BELL will conduct a share buyback of up to 10% of the paid-up capital. The buyback of BELL shares will be carried out because the current BELL share price is not reflecting the true value or performance of the Company, while taking into account the conditions of the national and world economy which experienced slowdown due to the Covid-19 pandemic.

R Nurwulan Kusumawati as Company Director of BELL stated, "At the EGMS, the shareholders of BELL have approved the appointment of Heru Jatmiko Harrianto as one of the Directors in the Company's management structure for the period 2022-2027 which is effective as of 19 May 2022. Then, recognizing the opportunity for economic recovery, the EGMS also approved BELL to conduct a share buyback between 27 April 2022 to 26 October 2023. We hope that this share buyback will bring stability to BELL's stock performance. In addition to providing greater flexibility in capital management to achieve an efficient capital structure. We are also optimistic that BELL's performance will be better in the future."

BELL will conduct a maximum share buyback of IDR55 billion or with a maximum of shares that will be bought back by BELL of 725 million shares. As for this corporate action, BELL estimates that there will be no impact of a decline in revenue and other negative impacts. It is expected to not affect business and operational activities since BELL already has sufficient working capital to run its business activities.

On the other hand, BELL also regularly distributes annual dividends. At the Annual General Meeting of Shareholders (AGMS) BELL has been approved to distribute dividends of 48.65% of net profit in 2021 or in the amount of IDR2.030 billion (LM)

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