Saratoga, Company Owned By Conglomerate Edwin Soeryadjaya And Sandiaga Uno Prepares IDR 150 Billion For Share Buyback

Conglomerate Edwin Soeryadjaya together with Sandiaga Uno. (Photo: Instagram @sandiuno)

JAKARTA - PT. Saratoga Investama Sedaya Tbk is preparing a corporate action. The company coded SRTG shares plans to buy back the company's shares or buyback.

Quoted from the disclosure of information on the Indonesian Stock Exchange (IDX) website, Monday, March 22, the company whose shares are owned by conglomerate Edwin Soeryadjaya and Sandiaga Uno will pay a share buyback of up to IDR 150 billion.

The number of shares that will be bought back by Saratoga is a maximum of 0.92 percent of the company's paid-up capital or a maximum of 25 million shares. SRTG conducted a share buyback after the company obtained the approval of the Company's Extraordinary General Meeting of Shareholders (EGMS) on April 28, 2021, until the next Annual General Meeting of Shareholders on June 30, 2022.

"The main consideration of the company in carrying out share repurchases is in connection with the implementation of the Long-Term Incentive Program for the company's employees," explained Saratoga's management.

Saratoga plans to keep the shares that have been bought back to be held as treasury shares for a period of not more than 3 years. However, this investment company can at any time transfer the shares that have been bought back in accordance with Article 17 POJK 30/2017.

PT. Indo Premier Sekuritas was appointed by Saratoga to buy back the company's shares through the stock exchange. For information, Saratoga is a company engaged in the agriculture, plantation, telecommunications, trade, industry, natural resources, energy, construction, transportation, vehicles, financial services, consumer goods, telecommunication support services, and services sectors.

At the close of trading today, SRTG's share price increased 3.74 percent to IDR 5,550. However, in the past month, SRTG shares have fallen 5.53 percent.

Edwin Soeryadjaya, the 45th richest person in Indonesia with assets of up to 580 million US dollars. Meanwhile, Sandiaga Uno is a successful businessman who now serves as Minister of Tourism and Creative Economy.