JAKARTA. PT Avia Avian Tbk (AVIA), paint manufacturer under Tancorp Group, is preparing IDR 1 trillion for shares buyback.

Hera Septi Astuti, Corporate Secretary of AVIA, mentioned that the number of shares repurchased by the company is 1.42 billion shares. They are equal to 2.3% of its total issued and paid-up capital.

The shares buyback of AVIA will be conducted gradually within 18 months since the company secured approval from Extraordinary General Shareholders Meeting. The meeting is scheduled to take place on December 7, 2023.

“The company wishes that, with this buyback of the company’s shares, it will enhance investors’ trust, while also offering higher return for shareholders,” said Astuti in information disclosure in Indonesia Stock Exchange (IDX).

Shares obtained by AVIA from the buyback will then be allocated for another transfer, be it sold through the stock exchange or outside, or through other mechanism, such as MESOP and conversion. (KR/ZH)