JAKARTA. PT Buana Lintas Lautan Tbk (BULL) still has yet to conclude the plan of selling its treasury shares, which were obtained from the buyback in 2020.

Wong Kevin, Director of BULL, mentioned that this is due to the stock price that is still below the average buyback price back in late 2020. Therefore, he said, the company decides to postpone the treasury shares sale until next year.

BULL then set the time limit to the 2025 Annual General Meeting of Shareholders. If, by then, the stock price has yet to improve, the company is forced to request for approval from shareholders to transfer the treasury shares through capital reduction.

“Or through other means according to POJK 29/2023,” added Kevin in the official statement.

According to IDNFInancials data, BULL was closed weakening 2 points or 1.72% to IDR 114 per share. It is so much lower compared to the average buyback price back in December 2020 of IDR 296.60 per share. (KR/ZH)