JAKARTA - PT Surya Citra Media Tbk (SCMA) will conduct a share buyback, aka share buyback, with a maximum value of IDR 200 billion. The media company owned by the conglomerate Eddy Kusnadi Sariaatmadja will start the buyback action on October 13, 2021 and end on November 12, 2021.
In the disclosure of information on the Indonesia Stock Exchange website, quoted on Friday, October 15, the share buyback is carried out to take over a maximum of 20 percent of the paid-up capital in SCMA and at least 7.5 percent of the outstanding shares of the paid-up capital.
The management of SCMA stated that the JCI condition and the depressed global economy due to COVID-19 were the background of this stock buyback action.
"Buyback stocks to provide economic stimulus and reduce the impact of a market that fluctuates significantly due to trading conditions as mentioned above," wrote SCMA management.
The corporate action will have an impact on the loss of interest income on the funds used to buy back the company's shares.
Even so, the management of the issuer from the Emtek group believes that the share buyback will not affect the financing of the company's activities because SCMA has sufficient working capital and cash flow to carry out the buyback.
For information, SCMA shares ended higher on Thursday, October 14th trading yesterday. SCMA's share price rose 2.45 percent to Rp1,885.
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