Mining Company Owned By Edwin Soeryadjaya And Sandiaga Uno Prepares IDR 530 Billion For Share Buyback

JAKARTA - PT Merdeka Copper Gold Tbk (MDKA) held its Annual General Meeting of Shareholders (AGMS) which resulted in the approval of the buyback and changes in the board of directors.

MDKA Corporate Secretary Adi Adriansyah Sjoekri explained, MDKA plans to repurchase the company's shares as much as 1 percent or a maximum of 229,033,658 shares with a maximum allocation of IDR 530 billion. The buyback will be conducted gradually within 18 months from the approval of the repurchase of the company's shares by EGMS.

"MDKA consideration, in conducting this buyback is so that the company can have the flexibility that allows the company to have a mechanism to maintain the stability of the company's share price if the company's share price does not reflect the company's actual value /performance", he said in a public expose on Tuesday, May 25.

In addition, in the framework of the implementation of long-term incentive programs or Long Term Incentive (LTI) for employees and/or Directors and/or Board of Commissioners of the Company and/or subsidiaries to spur the performance of the Company and/or subsidiaries.

"The GMS also approved the change of MDKA Board of Directors in line with the receipt of Mr. Tri Boewono's resignation letter from his position as President Director, and appointed Mr. Albert Saputro as President Director and Mrs. Titien Supeno as Director", explained Adi.