JAKARTA. PT Arwana Citramulia Tbk (ARNA), the ceramic tile manufacturer of UNO and Arwana tiles, is preparing for a buyback.

Edy Suyanto, Director of ARNA, confirmed that this corporate action will take place after the company secures an approval from its shareholders on October 19, 2023. “Until April 18, 2025,” Suyanto mentioned in the information disclosure in Indonesia Stock Exchange (IDX).

The budget allocated by ARNA for this buyback amounts to IDR 150 billion, Suyanto said. “Therefore, the total number of shares repurchased by the company will depend on the price in the stock market,” he added.

The buyback is intended to maintain the normalcy of ARNA’s shares whilst still putting the historical Price Earnings Ratio (PER) in the past 10 years into consideration. According to internal calculation, the current fair price of ARNA’s stock is minimum 15x of its Earning Per Share (EPS).

ARNA’s buyback is set to be conducted through sessions on IDX. The transaction will be led and arranged by one of authorised stock members, PT RHB Sekuritas Indonesia. (KR/ZH)