Kalbe Farma Agrees To Buy Back Shares Of IDR 1 Trillion And Dividend Dividend Of IDR 31 Per Sheet

Rupiah (Photo: Antara)

JAKARTA - Shareholders of PT Kalbe Farma Tbk (KLBF) approved a corporate action in the form of share buyback with a maximum value of IDR 1 trillion. This amount is equivalent to a maximum price of IDR 1,600 per share.

KLBF President Director Irawati Setiady explained that the share buyback will be carried out in the period 16 May 2024 to 15 May 2025.

"The company will use internal funding to buy back," said Irawati quoting Antara.

In accordance with applicable capital market regulations, Irawati explained that the time span for the buyback was twelve months after the date of approval of the EGMS.

"The company has budgeted a buyback program with a maximum value of IDR 1 trillion to provide support for Kalbe's share price in a capital market condition that is still shrouded in uncertainty, in addition to reflecting management confidence in Kalbe's strong fundamentals," said Irawati.

With strong fundamentals and taking advantage of opportunities for health sector reform through various business initiatives, Irawati explained that the company is optimistic that it will continue to grow in the midst of challenging market conditions.

His party maintains the 2024 target with sales growth in the range of 6 percent to 7 percent, with net profit growth in the range of 13 sampao 15 percent, and a maximum capital expenditure allocation of IDR 1 trillion.

Meanwhile, at the Annual General Meeting of Shareholders (AGMS), the company approved the distribution of cash dividends worth IDR 1.4 trillion or the equivalent of 52 percent of net profit for the 2024 financial year. Dividends per share are equivalent to IDR 31 per share.

"This is in accordance with the Company's dividend policy with a ratio of 45 percent to 55 percent to net profit," said Irawati.