JAKARTA. PT Mandiri Herindo Adiperkasa Tbk (MAHA), a company engaged in the coal distribution industry, will conduct a shares buyback.

The number of shares to be repurchased by MAHA will not exceed 10%, but at least 7.5%, of its total issued and paid-up capital. The budget allocated by the company for this corporate action reaches IDR 200 billion.

In regard to this corporate action, MAHA will first ask for approval from Extraordinary General Meeting of Shareholders to be held on October 22, 2024. After securing the approval, the buyback is projected to take place from October 23, 2024, to October 22, 2025.

“The buyback is expected to enhance investors’ trust in fundamental value of the company,” added Ivan Darwin, Corporate Secretary of MAHA, in the official statement.

Darwin further mentioned that the buyback will take place through transactions in Indonesia Stock Exchange (IDX). Therefore, the company will pick a brokerage service provider. (KR/ZH)