Jakarta, CNBC Indonesia – Emtek Group’s media issuer, PT Surya Citra Media Tbk (SCMA), plans to carry out a buyback (buyback) of company shares that have been issued and listed on the Indonesia Stock Exchange (IDX).
This is in accordance with the Financial Services Authority (OJK) Regulation No. 2 / POJK.04 / 2013 concerning Buyback of Shares Issued by Issuers or Public Companies in Market Conditions that Fluctuate Significantly.
In the disclosure of information on the Indonesia Stock Exchange (IDX), this Thursday (10/9/2020), SCMA management stated that it would buy back shares with a total purchase cost of up to IDR 500 billion or a maximum of 20% of the paid-up capital in the company. provided that the minimum number of shares outstanding is 7.5% of the paid-up capital.
“The buyback of shares will be carried out in stages over a period of 3 months from 9 September 2020 to 8 December 2020,” said SCMA management, quoted this Thursday (10/9).
Management revealed, costs buyback shares are planned to be as much as IDR 500 billion, which will come from the company’s internal cash, excluding transaction costs, brokerage fees and other costs related to buyback stock.
“The use of internal cash to finance the repurchase of the company’s shares will not cause the company’s net worth to be less than the total issued and fully paid capital plus the mandatory reserve that has been set aside.”
“Currently, the company has made provision for compulsory reserves as regulated in Law Number 40 of 2007 concerning Limited Liability Companies.”
Management revealed the impact of implementation buyback shares is the loss of interest income on funds used to buy back company shares. However, the company directors are of the opinion that the implementation of the share buyback will not affect the financing of the company’s business activities.
This is considering the company has sufficient working capital and cash flow and sufficient to carry out the repurchase of shares including financing the company’s business activities.
“Buyback of Company Shares will be carried out at a price deemed good and reasonable by the company’s directors with due observance of the prevailing laws and regulations.”
Referring to IDX trading data, SCMA shares closed at minus 6.87% at the level of IDR 1,085 / share with a market capitalization of IDR 16.03 trillion. In the last week of trading, the parent stock of the SCTV television station manager has corrected 9.21% and in the past month it has dropped 11.43%.
In year to date, SCMA’s shares were corrected 23.05%.
Previously in August, SCMA management also reported that it had bought back the company’s shares worth Rp 583.92 billion.
Through an announcement made by the SCMA Corporate Secretary, Gilang Iskandar, plans buyback This has received the blessing of shareholders through the Extraordinary General Meeting of Shareholders on 5 December 2018 and information disclosure submitted by management on 9 June 2020.
“We hereby convey, the company has carried out the buyback of the company’s shares from 5 December 2018 to 31 July 2020 totaling 619.43 million shares or 4.19% of the paid-up capital with a total purchase of Rp 583.92 billion,” said Gilang Iskandar. , Thursday (6/8/2020).
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