JAKARTA - PT Petrindo Jaya Kreasi Tbk (CUAN), an issuer owned by Prajogo Pangestu, announced a buyback plan worth IDR 500 billion in order to strengthen its capital structure and maintain market stability amid volatile conditions.

The buyback will take place in the period 24 March 2025 to 24 June 2025, with a maximum target of 0.556% of the total issued and fully paid-up capital in the company.

This step is carried out in accordance with OJK Regulation No. 13 of 2023 concerning Policies in Maintaining Capital Market Performance and Stability in Significantly Fluctuating Market Conditions (POJK 13/2023) and OJK Letter Number S-17/D.04/2025. The Company has appointed PT BNI Sekuritas to conduct the share purchase transaction through the Indonesia Stock Exchange (IDX).

Michael, President Director of CUAN, stated that the buyback transaction will not have a negative impact on the company's operational activities, considering that the funds used come from sufficient internal cash balances and will not interfere with operational activities. In addition, the company still pays attention to the number of free float shares in accordance with applicable regulations so as not to disrupt the liquidity of shares in the market.

The buyback is expected to achieve a more efficient capital structure and reflect the company's positive performance through a more stable and attractive share price. Shares that have been bought back will become treasury stock that cannot be used in voting at the General Meeting of Shareholders (GMS) and are not entitled to receive dividends during its status as treasury stock.

Furthermore, CUAN states that the shares from the buyback can be resold if the share price increases, thus potentially generating additional profits for the company. Resale of shares can be done both on and off the stock exchange, while still complying with applicable regulations.

‘There is no impact of the events, information or material facts conveyed on CUAN's operational activities, legal, financial condition, or business continuity,’ said Michael, in his official statement, quoted on Thursday (3/4).

At the close of trading on Thursday (27/3), CUAN's share price was at Rp6,450 per share. Meanwhile, the share price fell by 4.09% during the week, and 9.15% in the past month. (EF/LM)