JAKARTA. PT Ramayana Lestari Sentosa Tbk (RALS), a retail company and an operator of several department stores, has prepared a budget of IDR 200 billion for its buyback plan.
The buyback will commence no later than 18 months after RALS secures approval from its Extraordinary General Shareholders Meeting. In the information disclosure in Indonesia Stock Exchange, it is revealed that said meeting is scheduled for August 29, 2022.
In this upcoming buyback, the number of shares to be repurchased by RALS is capped to 360 million units. They are equivalent to approximately 5% of the issued and paid-up capital.
“The company aims to increase the shareholders’ value by returning the surplus of its cash flow to the shareholders,” the management of RALS explained in the official announcement.
RALS plans to carry out the buyback through one stock exchange member. Furthermore, it is mentioned that the shares buyback price will be less than or equal to the price used in the previous transaction. (KR/ZH)