Financial Performance Improves, Matahari Department Store Owned By Conglomerate Mochtar Riady Raises LPPF Stock Buyback Price Limit

Illustration. (Photo: Doc. Antara)

JAKARTA - LPPF's share price has continued to fluctuate since the beginning of 2022, causing PT Matahari Department Store Tbk to change the buyback price limit.

The retailer from the Lippo Group, which is owned by the conglomerate Mochtar Riady, has set the LPPF price limit to IDR 7,950 per share. Previously, at the beginning of the buyback plan, the LPPF price limit was set at IDR 4,700 per share.

In an information disclosure to the Indonesia Stock Exchange (IDX), Monday, March 7, Matahari's management said that the change in the price limit was in line with the company's improving performance which resulted in an increase in the value of LPPF's shares.

Just look at the movement of LPPF shares since Matahari first announced a buyback. On February 4, LPPF's shares were still at the level of IDR 3,880.

After that, LPPF's share price continued to rise to IDR 5,450 on March 4. Meanwhile, at the close of trading on Monday 7 March, LPPF's shares fell to the level of IDR 5,300.

"The other information remains unchanged," wrote Matahari's management.

As is known, Matahari will buy back LPPF shares of up to 10 percent of the company's paid-up and issued capital. The amount is equivalent to 262,614,878 shares.

The buyback action with funds of IDR 500 billion will last until May 3, 2022.

The repurchase of shares in 2022 will be carried out either through the stock exchange or outside the stock exchange with due observance of the provisions of the applicable laws and regulations.