JAKARTA - PT Nippon Indosari Corpindo Tbk plans to buy back ROTI's shares. The plan will be carried out by the company owned by conglomerate Anthony Salim from Wednesday, July 20 to October 21, 2022.
As stated in a letter signed by two directors of Nippon Indosari to the Indonesia Stock Exchange (IDX), Wednesday, July 20. The letter explained that the company estimates the buyback value of ROTI's shares to reach IDR 214.21 billion.
"The maximum buyback amount is 126.01 million shares," the letter said.
Even so, the company has limited the purchase price of ROTI's shares. The maximum amount is IDR 1.700 per share.
In today's trading until 15:06 p.m. Western Indonesian Time (WIB), ROTI's shares were at the level of IDR 1.290 or up 0.78 percent from the previous day. However, when compared to the position at the beginning of the year, this level has fallen by 4.8 percent.
VOIR éGALEMENT:
With this plan, the company reasoned, the buyback could stabilize ROTI's share price in volatile market conditions. In addition, buybacks also provide flexibility for the company in managing long-term capital.
"Where treasury shares can be sold in the future with optimal value if the company requires additional capital," said the management of Nippon Indosari.
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