JAKARTA. PT Totalindo Eka Persada Tbk (TOPS), a building construction issuer, has revised the budget prepared for share buybacks to IDR 3 billion.

Dita Aryanto, Corporate Secretary of TOPS, said that the budget amount was much lower than the initial allocation plan submitted by the company. At the end of May 2024, the company plans to allocate up to IDR 15 billion for share buybacks.

"The company has made changes to its plans based on the background of the company's share buyback as per changes to the information disclosure dated July 8, 2024," said Aryanto, in the information disclosure Monday (8/7) yesterday.

Furthermore, TOPS Management will ask for approval from shareholders at a meeting which will be held on July 11, 2024 tomorrow. The share buyback will be implemented no later than 12 months after the meeting's approval.

For the record, this corporate action was held to stabilize TOPS share prices. TOPS management assesses that currently the company's share price is still far below the company's book value. (KR/LM)