JAKARTA – PT United Tractors Tbk (UNTR), a heavy equipment distributor, allocates IDR 5 trillion to repurchase its shares (buyback), which is scheduled to start today (13/7) until October 12, 2022. Sara K. Loebis, Corporate Secretary of UNTR, announced the plan in the information disclosure quoted Wednesday (13/7).
“After the buyback ends, the company intends to transfer those repurchased shares,” Loebis added.
This corporate action costs the company’s financial performance as much as the budgeted amount. If referring to UNTR’s Financial Statement in March 2022, its assets will shrink from IDR 120.09 trillion to IDR 115.09 trillion, while its equity will be contracted from IDR 77.12 trillion to IDR 72.12 trillion.
It is mentioned that the repurchased shares will be limited to 20% of the entire paid-up capital. After this buyback, the shares outstanding should be at least 7.5% of the company’s paid-up capital.
Until June 2022, UNTR has issued 3,730,135,136 shares, 59.5% of which belongs to PT Astra International Tbk (ASII), and another 40.59% goes to the public. (LK/ZH)