Sido Muncul Prepares IDR 300 Billion For Stock Buyback

Photo: Doc. Sido Muncul

JAKARTA - PT Industri Jamu Dan Pharmacy Sido Muncul Tbk (SIDO) plans to hold a corporate action in the capital market, namely the Purchase of Shares of the Company or commonly known as share buyback.

SIDO's Corporate Secretary, Tiur Simamora said, the estimated number of shares to be repurchased was approximately 1.5 percent or approximately 450,000,000 shares of the total shares issued by the company.

The estimated funds needed to launch corporate actions or Purchase of Shares are as much as Rp. 300 billion, including the cost of intermediary securities traders and other costs related to the Purchase of Shares.

For this reason, the company will first seek approval from shareholders regarding the share buyback plan through the General Meeting of Shareholders (GMS) on May 2, 2025. Meanwhile, the Share Purchase Period will take place within a period of 12 (twelve) months after the AGMS approval, which is May 3, 2025 to May 2, 2026.

"Financing on the Purchase of Shares will not have a significant impact on Telamenda's decrease in revenue/Perserpan, because until now the Company still has sufficient working capital and cash flow for the company's operations," said Tiur Simamora, in a written statement, quoted on Monday, March 17.

Tiur Simamora explained that the maximum number of shares that can be repurchased will still pay attention to the Company's Free Float Shares and will not be lower than 10 percent of the total shares recorded in accordance with applicable laws and regulations.

The company limits the purchase price of Shares to a maximum of IDR 760 per share while still fulfilling POJK No.29/2023 provisions.