Realizing A Budget Of IDR 125.5 Billion, Company Owned by Conglomerate Harry Sanusi Ends The Buyback Period Of KINO's Shares

Photo: Doc. Indonesian Kino

JAKARTA - The company owned by Harry Sanusi conglomerate PT Kino Indonesia Tbk has ended the second phase of the buyback period of KINO's shares. This action ended on June 20.

Citing information from the Director and Corporate Secretary of Kino Indonesia, Budi Muljono, the buyback with a maximum of 30 million Kino shares has been taking place since March 21. The realization was 29.75 million shares.

"With a value of IDR 125.5 billion, excluding transaction costs", Budi said in an information disclosure to the Indonesia Stock Exchange (IDX), Tuesday, June 21.

Referring to the original plan, the company has prepared funds of up to IDR 150 billion. This means that the realization of the buyback is equivalent to 83.67 percent of the target.

Previously, Budi said that the buyback amount of KINO's shares would not exceed 20 percent of the total paid-up capital and at least 7.5 percent of the outstanding shares of the paid-up capital.

The funds for the repurchase of KINO's shares came from internal cash. "But it will not cause the company's net worth to be smaller and the issued and fully paid capital will be mined by the mandatory reserves that have been set aside", said Budi.

Budi also said that the company limited the purchase of KINO shares to IDR 5,000.

As additional information, at the close of trading today, KINO's stock was perched at the level of IDR 3,340. At this level, KINO's shares have risen 65.35 percent year to date.