Profit Soars To Rp24 Trillion But SRTG Shares Drop, Saratoga Owned By Conglomerate Edwin Soeryadjaya And Sandiaga Uno Plans To Buyback Rp150 Billion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Saratoga Investama Sedaya Tbk is starting to follow the steps of several issuers who hold share buybacks. For Saratoga, the plan will be carried out after holding an extraordinary general meeting of shareholders (EGMS) on 21 April.

The plan to buy back SRTG shares is stated in Saratoga's information disclosure to the Indonesia Stock Exchange (IDX), Tuesday, March 15.

"The buyback will be carried out after obtaining the approval of the EGMS on April 21 until the annual GMS which will be held no later than June 30, 2023," wrote Saratoga's management.

Even though it is just a plan, the company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno estimates that the buyback cost will reach Rp. 150 billion. This amount includes brokerage fees and other costs associated with buybacks.

The number of shares to be repurchased is 0.33 percent or equivalent to 45 million shares.

Saratoga's management also said that the buyback objective was related to the implementation of a long-term incentive program for employees. Moreover, the current stock price of SRTG does not fully reflect the value or performance of Saratoga.

For information, throughout 2021, Saratoga made a profit of up to Rp. 24.89 trillion or increased by 182.19 percent from the end of 2020 period of Rp. 8.82 trillion.

Meanwhile, SRTG's stock movement throughout this year has fluctuated. Having risen to Rp3,050 in early January, SRTG's shares fell to Rp2,780 on March 14 trading.

As for the closing of the first trading session today, SRTG's shares were at the level of Rp2,770.