JAKARTA. PT Garudafood Putra Putri Jaya Tbk (GOOD), a snack manufacturer that has been operating since 1994, will repurchase its shares (buyback) with a budget set to IDR 50 billion.

The total number of shares repurchased by GOOD in this corporate action is 0.28% of total issued and paid-up capital at most. The buyback will take place no longer than 18 months starting from the approval gained during the Annual General Shareholders Meeting.

“The main reason behind this buyback is so that the company may gain flexibility that will allow GOOD to establish a mechanism to maintain stability of the company’s stock price,” the management of GOOD explained in the official disclosure.

The buyback will be carried out through transactions in and outside Indonesia Stock Exchange (IDX). GOOD then assigns PT Indo Premier Sekuritas, a stock member exchange, as the lead arranger of this buyback.

GOOD will then utilise its own internal cash to initiate this buyback. Until December 31, 2022, the company recorded sufficient amount of cash and bank, reaching IDR 1.07 trillion in total. (KR/ZH)