JAKARTA. PT Matahari Department Store Tbk (LPPF) will conduct a shares buyback with a total budget of IDR 1 trillion.

Miranti Hadisusilo, Corporate Secretary & Legal Director of LPPF, claimed that the company will ask for approval during the Annual General Shareholders Meeting regarding this corporate action plan. “The shares buyback will take place no later than 18 months after the day of the annual meeting,” Hadisusilo mentioned in the official disclosure.

The number of shares that will be repurchased by LPPF will be equal to 10% of its total issued and paid-up capital, and in the form of series C shares.

“The buyback is the company’s initiative to increase the value possessed by our shareholders,” Hadisusilo further added.

The shares buyback will take place both within and outside the stock exchange, while still abiding by applicable regulations. The management of LPPF claimed that this corporate action will not affect business and operational activities of the company as LPPF currently has adequate working capital for conducting businesses. (KR/ZH)