JAKARTA. PT Digital Mediatama Maxima Tbk (DMMX), an information technology (IT) service and consultancy, will sell off 432.87 million shares or 5.63% of the shares gained from a buyback.

Budiasto Kusuma, President Director of DMMX, mentioned that the company has appointed PT Panca Global Sekuritas as the stock exchange member that will lead this treasury shares’ sale. “The company sets the treasury shares’ sale to take place no later than June 24, 2024,” said Kusuma in the official statement.

In addition, Kusuma said that the divestment of shares will be conducted with the price set to no lower than the average of the buyback price. The highest discount rate given by the company is 7.5%.

According to IDNFinancials data, DMMX’s price at yesterday’s (5/6) price was closed at IDR 110 per share. Assuming that the company proceed with this price, the company is projected to raise fresh funds of up to IDR 47.62 billion from treasury shares’ sale.

For the record, the number of shares sold by DMMX is equal to its entire treasury stock as of April 2024. Therefore, the company will no longer record any portion of treasury stock once this divestment concludes. (KR/ZH)