JAKARTA. PT Mulia Boga Raya Tbk (KEJU), a cheese and processed food manufacturer with the brand Prochiz, will initiate a shares buyback with a budge set to IDR 7.5 billion.

With this allocation, the number of shares to be repurchased by KEJU in this corporate action is approximately 6.42 million shares, which are equal to 0.43% of total outstanding shares of the company.

KEJU will ask for approval from shareholders during the Annual General Meeting of Shareholders scheduled on April 24, 2024. The buyback period will begin no later than 12 months after the approval from the AGMS.

The management of KEJU also mentioned that the shares buyback is carried out to maintain stability of the company’s stock price. Then, the shares gained from the buyback will be stored for no longer than 3 years. “However, the company may transfer the shares that have been repurchased,” the management of KEJU said in the official statement.

According to IDNFinancials data, KEJU’s stock price was seen increasing 10 points or 0.88% to IDR 1,150 per share. However, the company’s stock price has gone down 155 points or 11.88%. (KR/ZH)