JAKARTA. PT Integra Indocabinet Tbk (WOOD), a processed wood and furniture manufacturer, will arrange a shares buyback with an allocated budget of IDR 50 billion.

Wang Sutrisno, Director of WOOD, claimed that the number of shares that will be repurchased by the company is 100 million shares at max. The buyback will begin today, March 9, 2023, and will end on June 9, 2023.

“The shares buyback will use internal cash of the company, thus eliminating the need for additional financing. It will also not decrease the revenue significantly,” Sutrisno explained in the official statement.

For this corporate action, WOOD will limit the purchasing price to IDR 500 per share. The buyback will be conducted through the transaction in Indonesia Stock Exchange (IDX) using brokerage service.

According to IDNFinancials, WOOD’s stock price during the opening bell was seen climbing 0.49% or 2 points to IDR 412 per share. Meanwhile, within the past year, the company’s stock price has actually decreased 40.29% or 278 points. (KR/ZH)