JAKARTA. PT Eagle High Plantations Tbk (BWPT) has set the budget for repurchasing shares (buyback) to IDR 50 billion.

The management of BWPT will first ask for approval from shareholders regarding the buyback plan. The Extraordinary General Meeting of Shareholders is scheduled to take place on May 16, 2024.

The management then claimed that this corporate action is taking place following the company’s current stock price that does not reflect its solid fundamental aspects. In addition, the management of the company believes that this buyback will keep the stability of the stock price in the future, as well as maintaining sustainable growth for all stakeholders.

According to IDNFinancials data, BWPT’s stock price shifted down 1.85% or 1 point to IDR 53 per share at 2.12 PM WIB today (17/4). Within the past year, it has declined 10.17% or 6 points, while in the past 5 years, the stock price dropped 66.88% or 107 points.

As of December 31, 2023, BWPT’s total assets were recorded at IDR 10.18 trillion, with cash and bank at IDR 27.37 billion. Meanwhile, its total equity was at IDR 2.19 billion. (KR/ZH)