JAKARTA. PT Saratoga Investama Sedaya Tbk (SRTG), an investment company of Edwin Soeryadjaya and Sandiaga Uno, will conduct a shares buyback.

In the information disclosure today (4/4), the management of SRTG mentioned that the buyback will be carried out after securing approval from the shareholders during the meeting. The upcoming Extraordinary General Shareholders Meeting is scheduled to take place on May 15, 2023.

The total budget set up by SRTG for this buyback is IDR 150 billion. It will cover the brokerage fee and other incurring costs. The number of shares repurchased by the company is equal to 0.36% of the entire issued and paid-up capital of 50 million shares.

“The main consideration behind this buyback is the company’s plan to initiate a long-term incentive program for employees,” the management of SRTG explained.

The buyback will be carried out through and outside the stock exchange. SRTG has assigned PT Indo Premier Sekuritas, a member of the stock exchange, as the lead arranger of the buyback.

During today’s (4/4) first session, SRTG’s stock price closed 0.95% lower, sliding down 20 points to IDR 2,010 per share. Within the past year, the company’s stock price has declined 28.21% or 790 points. (KR/ZH)