JAKARTA. PT Provident Investasi Bersama Tbk (PALM) announces its plan to sell off 2,779,309 shares of its treasury stock. 

Lim Na Lie, Corporate Secretary of PALM, said that the treasury shares will be offered through Indonesia Stock Exchange (IDX), assigning PT Indo Premier Sekuritas as the arranger.

"The treasury stock sale will begin on May 24 until June 20, 2023," Lie added in the information disclosure.

According to IDNFinancials data, PALM recorded having 43.7 million units of treasury shares at the end of March 31, 2023. The entire shares were acquired through a buyback, with a total purchasing value of IDR 15.42 billion.

On yesterday's (10/5) trading session, PALM's price was closed at IDR 565 per share. Assuming that the company uses this price level as the offering price, PALM will potentially gain fresh funds of IDR 1.57 billion from selling 2.77 million shares of its treasury stock. (KR/ZH)