JAKARTA – PT Kino Indonesia Tbk (KINO), a packaged food manufacturer, recently concluded the second phase of its buyback, which lasted from March 31 to June 6, 2022. Budi Muljono, Director of KINO, confirmed in the information disclosure quoted Wednesday (22/6).
It is mentioned that the company has realised a total of IDR 125.50 billion of the budget in exchange for 29,752,600 shares. “The initial buyback plan is to reacquire a maximum of 30 million shares within three months,” Muljono explained.
According to Muljono, this shares buyback is intended to weather the market condition that has been significantly fluctuating, thus exempting the management from asking for approval regarding the buyback plan from its shareholders in a meeting.
For the record, the first stage of the buyback has made KINO spent IDR 67.95 billion on 20 million shares.
KINO’s treasury stock in May 2022 amounted to 46,243,600 shares or 3.24% of the total shares outstanding of 1,428,571,500 shares. SBSSG Nusantara controls 11.23% of them, followed by Harry Sanusi of 12.61%, PT Kino Investindo of 68.54%, and the public of 4.38%. (LK/ZH)