Sari Roti Producer Owned By Conglomerate Anthony Salim Will Buyback Shares, Prepare Rp480 Billion Funds

Illustration. (Photo: Doc. Nippon Indosari Corporindo)

JAKARTA - PT Nippon Indosari Corpindo Tbk (ROTI) plans to hold a corporate action in the form of a second period of share buyback. The owner of the Sari Roti food brand has prepared a maximum of IDR 480 billion to buy a maximum of 300 million ROTI shares.

"The buyback of ROTI shares will be carried out starting from July 21, 2021 to October 20, 2021," said Arlina Sofia and Ida Apulia Simatupang, Director of Nippon Indosari in an information disclosure on the Indonesia Stock Exchange (IDX), quoted Tuesday, July 20.

Arlina said that this corporate action did not result in a decrease in revenue and did not have an impact on Nippon Indosari's financing costs. The reason is, the funds used are internal funds originating from operational activities.

"Nippon Indosari limits the share purchase price to a maximum of Rp. 1,600 per share," explained ROTI's management.

This company owned by conglomerate Anthony Salim appointed BCA Sekuritas as the securities company that will conduct the buyback transaction.

For your information, Sari Roti posted a decline in revenue in the first quarter of 2021. However, the company's sales grew in the last three quarters.

Quoted from Sari Roti's official statement on the Indonesia Stock Exchange (IDX) information disclosure page, Thursday, April 29, revenue until the end of March 2021 fell by 13.78 percent compared to the same period last year of Rp.912.87 billion.

"An excellent performance achievement from modern and traditional sales channels, especially in the midst of the pressure of the COVID-19 pandemic," said Arlina.