Preparing IDR 150 Billion Funds, Kino Indonesia Owned By Conglomerate Harry Sanusi Buys KINO Shares Back Until June 22, 2022

Photo: Doc. Indonesian Kino

JAKARTA - PT Kino Indonesia Tbk is preparing a plan to buy back of KINO's shares. The company has prepared funds of up to IDR 150 billion.

Quoting the Director and Corporate Secretary of Kino Budi Muljono, Monday, March 21, the buyback amount of KINO's shares will not exceed 20 percent of the total paid-up capital and at least 7.5 percent of the outstanding shares of the paid-up capital.

"The maximum number of shares to be repurchased is 30 million," said Budi.

The plan for the company owned by conglomerate Harry Sanusi, who is Indonesia's 84th richest person, will take place in stages starting today until June 20, 2022.

The funds for the repurchase of KINO's shares came from internal cash. "But it will not cause the company's net worth to be smaller and the issued and fully paid capital will be mined by the mandatory reserves that have been set aside," said Budi.

Budi also said that the company limited the purchase of KINO shares to IDR 5.000. Currently, KINO's shares are at the level of IDR 3.140.