Gudang Garam Confirms There Is No Plan To Buy Back Shares

Shares (Photo: Antara)

JAKARTA - PT Gudang Garam Tbk (GGRM) confirmed that until now the company has no plans to buy back shares.

Director and Corporate Secretary of GGRM Heru Budiman said that the company has no plans to take corporate action, namely buying back shares in the future.

"Until today, we have not planned or thought about the share buyback," Heru said in the Public Expose Live 2024 Thursday, August 29.

Heru emphasized that in the future the company will continue to monitor economic conditions, which during the first six months experienced moderate growth.

In addition, Heru said the company would take appropriate action to deal with the changes that would occur.

"The price competition seems to remain one of the challenges in the entire consumer sector in facing the slowdown in sales growth due to people's purchasing power (low middle class) which has not shown improvement," he said.

Heru said that after the general election was carried out successfully, future developments would depend on excise rates that would be implemented and improve purchasing power.

"Strong Indonesia's fundamentals are supported, namely a dynamic young population, better infrastructure and diverse resources and with the company's healthy financial condition and adequate production capacity, the management of the salt warehouse believes that the company will still be able to maintain its position in the future," he said.