JAKARTA. PT Itama Ranoraya Tbk (IRRA) has extended its shares buyback period for extra three months, preparing budget of IDR 50 billion.

Heru Firdausi Syarif, President Director of IRRA, reveals that the extension of the buyback period has started on June 17, 2023, until September 16, 2023. "The shares acquisition will take up idle funds of the company, this not affecting the revenue and financing status of the company," he explained through the information disclosure in Indonesia Stock Exchange (IDX).

With said budget, the total shares repurchased by IRRA are estimated to reach 3.698% of the total outstanding shares. The buyback price will be set lower or equal to the previous day's closing price, through transactions in IDX.

"By keeping the cash flow of the company intact, the company's ability to attain 2023 target will be guaranteed. Plus, the company's image, which will be reinforced by its stock price's stability, will allow the company to obtain its business goals smoothly," Syarif further explained.

According to IDNFinancials data, IRRA's stock price was closed 5 points higher or up by 0.85% to IDR 595 per share. However, within the past year, the stock price declined 760 points or shifted 56.09% lower. (KR/ZH)