Plantation firm Provident Agro (PALM), prepared funds of around Rp28.93 billion to buyback its shares. While, one of its founder, Edwin Soeryadjaja, purchased shares in Saratoga Investama Sedaya (SRTG) from the market.
The management aimed to buyback as much as 110 million shares or equivalent to 1.55% of all issued and fully paid capital. To run the plans, the company has appointed PT Indo Premier Sekuritas as the broker. It said, the source of funds for the buyback are from the reserved.
The repurchase of the shares will be carried out in a 12-months, from August 4, 2020 to August 3, 2021. Now, Provident is waiting the approval from the shareholders will be held on July 30. The shares from this buyback will be kept as treasury shares within a maximum of three years from the completion of the buyback.