Having Rp1.19 Trillion In Funds, Three-Wheel Cement Producer Continues INTP Share Buyback Plan Until June 6

Indocement Management. (Photo: Doc. Antara)

JAKARTA - PT Indocement Tunggal Prakarsa Tbk still has funds for the buyback of INTP shares. The value is IDR 1.19 trillion.

The funds are the remaining budget prepared by the company for the buyback of INTP shares with a total of IDR 3 trillion. Considering that the remaining funds are still large, Indocement's management resubmitted the INTP share buyback plan.

"We are extending the buyback period for three months. Starting from March 7 to June 6, 2022," said Director & Corporate Secretary of Indocement Oey Marcos in an information disclosure to the Indonesia Stock Exchange (IDX), Wednesday, March 9.

According to the initial plan, the company has budgeted funds of up to Rp. 3 trillion for the buyback of 20 percent of the paid-up capital provided that at least 7.5 percent of the shares outstanding.

According to Oey, the company believes that the buyback of INTP shares will not result in a decrease in revenue and will not have a negative impact on the company's financing costs. "Because the funds used come from the company's internal cash," Oey added.

Oey also hopes that the extension of the buyback period can provide a good rate of return for shareholders and increase investor confidence. Thus, INTP's share price can reflect Indocement's actual fundamental conditions.

Throughout this year until trading on March 7, INTP's share price did continue to decline. It is noted that INTP's shares have fallen by 15.7 percent from IDR 12,100 at the end of 2021 to IDR 10,200.