JAKARTA. PT Merdeka Copper Gold Tbk (MDKA) will repurchase its own shares (buyback) of a maximum of 0.5% of shares outstanding, allocating IDR 600 billion at max.
In the information disclosure yesterday (4/5), the management announced that the buyback would be carried out gradually within 18 months at the most after obtaining approval from the Extraordinary General Shareholders Meeting on June 10, 2022. Therefore, it might last until December 10, 2023.
The management of MDKA mentioned that the buyback is intended to drive flexibility, which will allow the company to maintain its stock price stability should the said price fail to reflect the actual value or performance of the company.
In addition, this buyback is listed as an agenda in the long-term incentive program for employees, directors, and/or commissioners of Merdeka Copper and/or its subsidiaries to push their performance forward. Lastly, the management claimed that the shares buyback will not cause any downturn in its revenue and will not affect the company’s business activities and operations. (AM/ZH)