Experiencing Loss Of IDR 138.867 Billion, Ramayana Wants To Buyback IDR 350 Billion Of Its Shares

Illustration. (Photo: By courtesy)

JAKARTA - The retail company PT Ramayana Lestari Sentosa Tbk will carry out a corporate action by carrying out a share buyback. The issuer coded RALS shares will buy back a total of 354.80 million shares until October 14, 2022.

This action has received approval from shareholders through the Extraordinary General Meeting of Shareholders (EGMS) which will be held on April 14, 2021.

In the announcement of the results of the AGM, the share buyback period is set for April 15, 2021 - October 14, 2022.

"The EGMS approved the plan to buy back the company's shares with a maximum amount of IDR 350 billion", wrote the Ramayana directors, in information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Monday, April 19.

Meanwhile, the IDR 350 billion costs that the company will pay includes transaction fees, commission for securities brokers, and other costs related to share buybacks.

Ramayana plans to gradually buy as many as 354.80 million shares or 5 percent of the company's total issued and fully paid shares. The company also appointed PT Maybank Kim Eng Sekuritas as the stock exchange member to carry out the buyback process.

For information, Ramayana recorded a decline in performance in 2020. This retail company coded RALS recorded a net loss of IDR 138.87 billion, the effect of being hit by the COVID-19 pandemic.

Quoted from the financial report published on the information disclosure page of the Indonesia Stock Exchange (IDX), Sunday, April 18, Ramayana earned IDR 2.57 trillion in revenue last year. This achievement decreased by 54.02 percent when compared to the previous year's IDR 5.59 trillion.