JAKARTA - The Extraordinary General Meeting of Shareholders (RUPS-LB) of PT PP Presisi Tbk (PPRE) approved the company's plan to buy back shares circulating in the public by allocating a maximum of Rp293 billion.
"We will do the buyback through transactions on the Indonesia Stock Exchange (IDX) on the regular market in stages over 18 months from February 6, 2020 to July 30, 2021," said the President Director of PP Presisi in his statement, Friday, January 31.
He said that today PP Presisi shareholders have approved the buyback plan. The consideration of his party to do a buyback, because the company's stock price does not reflect the fundamental conditions and strong liquidity of PP Presisi.
Meanwhile, PP Presisi Finance Director, Benny Pidakso hopes that the implementation of the buyback will be able to strengthen an efficient capital structure. Because according to him, it is possible to reduce the overall cost of capital and can create flexibility in long-term capital management.
"Through buybacks, we can also manage cash flow in an efficient and correct manner, in addition to increasing earnings per share (EPS) and return on equity (RoE) in a sustainable manner," said Benny.
Benny also hopes that the PP Presisi buyback decision will be appreciated positively by the market, in accordance with the company's fundamental and liquidity conditions.
He added that the PP Presisi buyback share price will refer to the price in the last 90 days on the market. "The buyback will not be carried out if our share price is close to the IPO price. Public funds will be taken from this buyback plan and we will use internal cash in implementing the buyback," he said.
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