JAKARTA. PT Dayamitra Telekomunikasi Tbk (MTEL), also known as Mitratel, will conduct a shares buyback with an allocated budget of IDR 1.5 trillion.

According to the official statement received by IDNFinancials, the number of shares that will be bought back by Mitratel will not exceed 7.88% of the issued and paid-up capital. This corporate action is scheduled to take place from April 14, 2023.

The management of Mitratel has ordered the Annual General Shareholders Meeting in order to secure approval for this shares buyback plan. The meeting will be conducted on April 13, 2023.

“The management believes that there is a need for flexibility that allows the company to possess a certain mechanism to maintain the stability of the stock price of the company,” the management of Mitratel explained in its official disclosure.

The buyback will be conducted through the trading session in Indonesia Stock Exchange (IDX). Technically, the company will assign one stock exchange member as the broker for this corporate action. (KR/ZH)