In November 2012, when we posted an article titled ‘Revisiting Mulia Industrindo’, the stock was traded at around Rp250. It rallied to as high as Rp740 year, but then retreated to below Rp300 in September 2013. Mulia Industrindo (MLIA) then launched the stock buyback program in October, which lifted the stock to above Rp500 this time around.

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