JAKARTA - PT Provident Investasi Bersama Tbk (PALM) is allocating IDR 80.65 billion to repurchase a maximum of 103.95 million shares, which will take place soon after obtaining approval from its shareholders.

Lim Na Lie, Corporate Secretary of PALM, said that the Extraordinary General Shareholders Meeting to discuss the matter will take place on June 21. "The shares from the buyback will be stored as treasury stock that will be channelled out in two years since the repurchase," Lie said in the information disclosure quoted Tuesday (16/5).

The issuer has assigned PT Indo Premier Sekuritas as the stock exchange member that will arrange the buyback. The funds to carry out this corporate action comes from its reserves, thus not affecting the business activities.

The number of shares that will be repurchased is equal to 1.46% of PALM's total issued and paid-up capital. Until April 2023, the issuer recorded 7.11 billion shares, 19.875% of which belonged to PT Saratoga Sentra, followed by PT Provident Capital of 45.539%, Garibaldi Thohir of 12.5%, Winato Kartono of 5%, public investors of 16.472%, and the treasury stock of 0.614%. (LK/ZH)