JAKARTA. PT Itama Ranoraya Tbk (IRRA), a medical device and tool distributor, has terminated its buyback that started last mid-June.

Heru Firdausi Syarif, President Director of RRA, said that the shares buyback program had been initially extended on September 15, 2023. In its official announcement, the buyback is set to run until December 17, 2023.

However, due to fluctuating market, Syarif said that the management of IRRA agrees to conclude the buyback. “The company has purchased 54.58 million shares, with total buyback proceeds of IDR 28.29 billion, he mentioned.

Previously, IRRA has set the budget for the shares buyback to IDR 50 billion. With this amount of money, the number of shares that are involved in this buyback is projected to be equal to 3.67% of its issued and paid-up capital.

On today’s trading session, IRRA’s price shifted 8 points or 1.63% higher to IDR 498 per share, as recorded until 3.36 PM. Within the past 5 sessions, IRRA’s stock reportedly slipped 12 points or 2.35%. (KR/ZH)