JAKARTA. Regarding its upcoming shares buyback plan of IDR 1 trillion, PT Matahari Department Store Tbk (LPPF) had limited the buyback price to a maximum of IDR 7,900 per share.

The management of LPPF, in the information disclosure in Indonesia Stock Exchange (IDX), claimed that the company will repurchase a maximum of 10% of series C shares of its total issued and paid-up capital for a maximum budget of IDR 1 trillion. The management of LPPF will first ask for approval of its shareholders in the Annual General Shareholders Meeting that will be held on March 29, 2023. The buyback will then take place no later than 18 months after the meeting was concluded.

The management of LPPF claimed that this buyback is intended to boost the value of LPPF's shareholders, granting LPPF some flexibility in managing its capital to attain a more efficient structure.

The management also believed that this buyback will not affect its finance by significantly cutting off revenue of its financing activities. "The buyback itself is expected to shift LPPF's earnings per share (EPS)," the management said. (AM/ZH)